S&P 500 notches back-to-back-to-back record but Apple, Amazon share declines weigh

The S&P 500 index logged its third consecutive record on Tuesday, ahead of a key policy update from the Federal Reserve on Wednesday. However, gains for the broader market were capped by declines in the shares of large-capitalization companies like Amazon.com Inc. and Apple Inc. ahead of the iPhone maker’s quarterly results. The S&P 500 index finished up a modest 0.1% at 2,945, a gain of 2.80 points (on a preliminary basis), marking the third all-time high for the broad-market index in a row. The S&P 500 was buoyed by gains in consumer staples , which rose 1.2%, while communication services , including shares of Amazon, fell 2.6%. Meanwhile, the Dow Jones Industrial Average finished up 0.2% at 26,593, powered by gains in Chevron Corp. and Travelers Cos. Inc. . However, the technology-laden Nasdaq Composite Index ended the session off 0.7% at 8,108, ending a streak of record closes at two. That decline was at least partly driven by the worst day for shares of Google-parent Alphabet Inc. on record, according to Dow Jones Market Data, after its earnings report late Monday. Markets were awaiting quarterly results from Apple after Tuesday’s close of trading. On Wednesday, the Fed is scheduled to deliver its policy update at 2 p.m. Eastern Time after adopting a more dovish policy stance since January.

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