Stock market today: Nasdaq, S&P 500 turn higher ahead of huge week on Wall Street

Both the Nasdaq and S&P 500 reversed earlier losses on Monday as investors braced for a Federal Reserve policy decision and key inflation data in the week ahead, with Nvidia and Apple events in immediate focus. The Dow Jones Industrial Average dropped around 0.1%, coming off a muted end to a winning week for the three major gauges. The benchmark S&P 500 and tech-heavy Nasdaq Composite each climbed about 0.1% and 0.3%, respectively.

Read more: How does the labor market affect inflation? Investors are now looking ahead to the Fed's next rate decision and May's Consumer Price Index inflation reading, both due on Wednesday, which will provide another big test for stocks. In the meantime, eyes are on Nvidia's stock split and a key Apple event as catalysts for stocks on Monday. Wall Street expects trading in Nvidia to be volatile in the wake of the 10-for-1 split as retail buyers flood in.

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