Dow and S&P 500 hit fresh all-time highs, FOMC meeting on tap

   •  Stocks trade mixed during opening hour, Nasdaq underperforms.
   •  Focus remains glues to Wednesday’s FOMC announcement.

Major US equity indices witnessed mixed opening on Tuesday, with the Dow Jones Industrial Average (DJIA) and S&P 500 hitting fresh record highs while Nasdaq struggling to gain traction.

Today's action came ahead of a two-day FOMC meeting, where the central bank is widely expected to raise interest rates for the third time this year and continue to unwind its post-crisis stimulus. Investors' focus, however, would be on the central bank's monetary policy outlook for 2018, which would set the near-term tone for the markets. 

On the economic data front, the US producer price index jumped 0.4% in November and is up 3.1% over the past 12 months, marking its fastest pace in 6-years. Today's stronger PPI print might have eased concerns over sluggish inflation trajectory and hence, investors will also look for the Fed's assessment of the health of the economy.

During the opening hour of trade, DJIA advanced around 84-points to 24,472, while the broader S&P 500 Index treaded water near 2,660. Meanwhile, tech-heavy Nasdaq Composite Index slipped nearly 15-points to 6,860.