Nasdaq, S&P post record closing highs as Apple soars

STORY: The S&P 500 and Nasdaq hit record closing highs for a second straight day on Tuesday, thanks in part to a big boost from shares of Apple.

The Dow dipped three-tenths of a percent, the S&P climbed more than a quarter-percent and the tech-heavy Nasdaq jumped nearly nine-tenths of a percent.

Apple shares jumped more than 7% to a record-high close one day after unveiling new artificial-intelligence features for its devices.

Shana Orczyk Sissel is CEO of Banríon Capital Management.

"What it could do and should do is increase demand for iPhone sales, which is kind of the bread and butter of Apple. And that while none of these tools that they're adding are going to blow you away, they are quite interesting. And you need to have an iPhone 15 Pro in order to gain access to them or upgrade in the next upgrade cycle. And I think that is overall positive for Apple's business and that is why the stock has jumped up today."

The S&P technology index climbed more than 1.5% and also posted a record closing high.

Among other movers, shares of General Motors gained more than 1% after the automaker announced a $6 billion share buyback plan. GM also cut its annual EV production forecast.

Shares of Oracle - which closed down half a percent - rose 8% in after-hours trading following the release of quarterly results.

And the GameStop saga continued... shares of the video game retailer tumbled 8% earlier in the session before surging to finish up 23%.

The company on Tuesday said it has completed an "at-the-market" equity offering of its shares to raise roughly $2.14 billion.

Wednesday looks to be a big day for markets, with the latest inflation data - the Consumer Price Index report - released before the bell and the Federal Reserve's policy announcement later in the day.

The central bank is likely to leave interest rates unchanged but will release its updated economic projections.