Stocks fell Tuesday as the Federal Reserve kicked off a key two-day policy meeting.

Those moves follow a muted but notable day on Wall Street. The S&P 500 and Nasdaq Composite rose modestly to notch new record closes, while the Dow inched higher by nearly 0.2%.

This comes as traders prepare for the two-day Fed policy meeting commencing Tuesday. The meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.

While investors are anxiously awaiting the policy announcement, they are largely pricing in that the borrowing rate remains unchanged. Fed funds futures were indicating virtually no chance of a cut at this week’s meeting, according to CME’s FedWatch Tool.

Before the Fed decision, investors will analyze small business data due out Tuesday. On Wednesday, they will closely follow the consumer price index reading for May expected in the morning.

“We’ve got two big events coming in the middle of this week: the CPI print on Wednesday morning and the Fed meeting on Wednesday afternoon,” said Zachary Hill, head of portfolio management at Horizon Investments. “We’re kind of just biding time a little bit ahead of those.”

On the corporate earnings front, traders will monitor results from Oracle ($Oracle Corporation ORCL$) and Rubrik ($Rubrik Inc. RBRK$) slated for after the bell on Tuesday.

Head picture source: Spencer Platt | Getty Images