04:35 PM EDT, 06/11/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite rose Tuesday, extending their rally from the previous session, as the Federal Reserve's two-day monetary policy meeting got underway, and investors also await official consumer inflation data for May, scheduled for Wednesday.

The technology-heavy Nasdaq jumped 0.9% to 17,343.6, while the S&P 500 gained 0.3% to 5,375.3. The Dow Jones Industrial Average fell 0.3% to 38,747.4. Only technology and communication services closed higher, while all other sectors posted losses, largest by financials.

The central bank's Federal Open Market Committee is widely expected to hold its benchmark lending rate steady Wednesday, according to the CME FedWatch Tool, which would mark a seventh consecutive pause. The focus will be on policymakers' updated Summary of Economic Projections.

"There will not be anything from the upcoming meeting of the (FOMC) that would alter our baseline forecast for the first rate cut to occur in September, followed by another cut in December," Oxford Economics said in a note. "The strength of the labor market is providing the (Fed) cover to wait for better news on inflation before signaling a rate cut, but the central bank cannot take that strength for granted, or as a given."

The US 10-year yield fell 7.1 basis points to 4.4% Tuesday, while the two-year rate declined 5.5 basis points to 4.83%.

Government data are likely to show Wednesday that US consumer inflation rose 0.1% sequentially and 3.4% annually in May, according to a Bloomberg-compiled consensus.

Official producer prices data for last month are scheduled to be released Thursday.

The World Bank said Tuesday the global economy is now projected to grow at a faster rate this year than previously forecast, aided by "continued robust expansion" in the US, potentially delaying monetary-policy easing in the world's largest economy.

West Texas Intermediate crude oil rose 0.2% to $77.89 per barrel.

In company news, Apple ( AAPL ) shares jumped 7.3%, the top gainer on all three indexes. The iPhone maker on Monday announced a partnership with OpenAI's ChatGPT and a number of artificial intelligence features debuting as Apple Intelligence across the company's devices and operating systems.

Separately, Affirm (AFRM) announced an integration with Apple Pay Tuesday. The consumer lending company that offers buy now, pay later services at e-commerce checkouts said it doesn't expect the partnership to have a material top-line impact in fiscal 2025. Affirm shares surged 11%.

NextEra Energy (NEE) shares fell 5.5%, among the steepest declines on the S&P 500, after the company reaffirmed its per-share adjusted earnings outlooks for 2024, 2025 and 2026, but issued a downbeat 2027 guidance.

Boeing ( BA ) was the third-worst performer on the Dow Industrial, down 2.4% after the plane maker's deliveries and orders for May fell sharply year over year.

Gold rose 0.2% to $2,332.40 per troy ounce, while silver slumped 1.9% to $29.32 per ounce.