U.S. stocks fell slightly on Tuesday with the S&P 500 and the Nasdaq Composite slipping from their respective records, as investors awaited the key Federal Reserve monetary policy meeting.

The S&P 500 dipped 0.2% to 4,246.59 after rising 0.1% to reach a new all-time high of 4,257.16 earlier in the session. Real estate and tech were the biggest laggards on Tuesday, while the energy sector provided the broader market with some support, rising 2.1%. 

On the data front, the final demand index for producer prices advanced 6.6% for the 12 months ended in May, the largest increase since 12-month data were first calculated in November 2010.

On a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%.

Meanwhile, May’s retail sales data fell 1.3%, compared to an expectation of a 0.7% decline per economists polled by Dow Jones.

U.S. stock index futures were little changed during overnight trading on Tuesday, ahead of the Federal Reserve's update on Wednesday. 

The Nasdaq Composite, which hit a record closing high in the previous session, pulled back 0.7% to 14,072.86 as Apple, Alphabet, Amazon and Microsoft all registered losses.

The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think about easing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.

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