The S&P 500 snapped a three-week streak of gains last week and the Dow also fell, while the Nasdaq managed a fourth straight week of gains.

The Nasdaq closed at a record high on Monday and the S&P 500 also rose as investors gauged the latest economic data while looking toward the Federal Reserve's final policy announcement of the year later in the week to gauge the path of interest rates.

U.S. stock indexes drifted through mixed trading ahead of a meeting by the Federal Reserve this week that could set Wall Street's direction into next year.

Big tech shares like Apple, Alphabet, Tesla and Broadcom all hit record highs, lifting the Nasdaq to one, too. Dow slips again as Fed meets this week.

After Wednesday's rate decision, investors will watch the Friday morning release of November PCE data, which will help inform future Fed policy.

The S&P 500 and the Nasdaq rose on Monday, as investors looked ahead to an anticipated Federal Reserve interest rate cut later in the week as well as several key data releases for clues on monetary policy next year.

Shares fell in Asia on Tuesday after the Nasdaq set a record ahead of a meeting by the Federal Reserve later this week that could set the direction for markets in the new year.