US STOCKS-S&P 500 Sneaks to a Record Close While Everyone Stares at Fed Minutes Like It's the Last Cookie

On Tuesday, Wall Street hit a new high, like a cat finally catching the laser pointer, during a holiday-shortened week. The earnings season is wrapping up, the U.S. Federal Reserve minutes are eagerly awaited, and geopolitical uncertainties are lurking in the background like a bad haircut.

The three major stock indexes were doing the cha-cha, moving between gains and losses throughout much of the session.

"It's like everyone's got a three-day weekend hangover," quipped Ryan Detrick, Chief Market Strategist at Carson Group in Omaha. "There's genuinely not much happening, which is a refreshing change as we hover just below potential new all-time highs, like a cat eyeing a canary."

Detrick added, "Meanwhile, we've got the Fed minutes dropping tomorrow and big retail earnings later this week. It's like waiting for the next episode of your favorite show – today is just a 'wait-and-see' kind of day."

On Wednesday, the U.S. Federal Reserve is expected to release the minutes from its January policy meeting, where the bigwigs decided to keep interest rates steady, like a tightrope walker staying balanced, amid signs of inflation trying to make a comeback and the uncertain impact of President Trump's proposed tariffs.

Comments from U.S. Federal Reserve policymakers were as consistent as a broken record, with Philadelphia Fed President Patrick Harker, Governors Michelle Bowman, and Christopher Waller saying they believe the current economic strength and elevated inflation justify keeping the policy rate unchanged for now.

San Francisco Fed President Mary Daly reiterated that pausing rate cuts is the smart move until more tangible progress is made toward achieving the Fed's 2% inflation target, like waiting for the cookies to bake just right.

The minutes will be closely examined like a mystery novel for clues about the central bank's future plans, especially in light of recent data showing prices on the rise, consumer sentiment taking a nosedive, and retail sales that were more "meh" than expected.

"The Fed is being pretty transparent here," commented Chuck Carlson, CEO at Horizon Investment Services in Hammond, Indiana. "There's a hint of an economic slowdown, and I'm sure they're keeping an eye on it. But I don't think they feel the heat to lower rates just yet."

According to early data, the S&P 500 climbed by 14.99 points, or 0.25%, closing at 6,129.49 points, while the Nasdaq Composite tiptoed up by 14.15 points, or 0.07%, to 20,040.92. The Dow Jones Industrial Average crept up by 6.79 points, or 0.02%, reaching 44,556.34.

The fourth-quarter earnings season is almost over, with 383 companies in the S&P 500 having reported as of Friday. Of these, 74% have exceeded expectations, according to LSEG data, like students who actually studied for the test.

Analysts currently project fourth-quarter S&P 500 earnings growth of 15.3% year-on-year, up from the 9.6% estimate on January 1, like a cake that rose more than expected.

Intel (INTC) got a boost after a weekend report suggested rivals Taiwan Semiconductor Manufacturing Co. (TSM) and Broadcom (AVGO) were considering potential deals that could split the chipmaker in two, like a magician sawing a lady in half.

Constellation Brands (STZ) rocketed after Warren Buffett's Berkshire Hathaway (BRK/A) announced a new investment in the company on Friday, like a kid with a new toy.

Meta Platforms (META) took a tumble, ending its 20-session winning streak, like a marathon runner finally needing a nap.