Stocks ticked higher on Tuesday, bringing the S&P 500 to a near nine-month high as market participants continue to digest Apple's (NASDAQ: AAPL) annual Worldwide Developer Conference.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): +0.24% or +10.06 points to 4,283.85
Dow Jones Industrial Average (NYSE: DIA): +0.03% or +10.42 points to 33,573.28
Nasdaq Composite Index (NASDAQ: QQQ): +0.36% or +46.99 points to 13,276.42
Apple shares were 0.2% lower on the day after traders weighed the multiple announcements from the tech giant on Monday, including its highly anticipated mixed reality headset -- Apple Vision Pro. Meanwhile, shares of Unity Software (NYSE: U) slipped about 1.2% following its partnership announcement with Apple to create an ecosystem of apps for the $3,499 headset.
JPMorgan Chase analyst Samik Chatterjee said in a note following Apple's conference that "while the Vision Pro might not drive significant volumes given its premium price point, it could be the potential catalyst for the AR/VR market as Apple has proven in the past that consumer engagement can deliver willingness to pay premium pricing..."
Making headlines on Tuesday, Coinbase (NASDAQ: COIN) shares dropped more than 12% after the U.S. Securities and Exchange Commission (SEC) sued the crypto exchange, alleging Coinbase acted as an unregistered broker and exchange. The news came one day after the SEC filed a lawsuit against Binance for separate claims of securities law violations.
Elsewhere, Boeing (NYSE: BA) shares fell on Tuesday after the aircraft manufacturer warned of a new defect on its 787 Dreamliner model. The defect could potentially affect deliveries for the plane.
"We are inspecting 787s in our inventory for a nonconforming conditions related to a fitting on the horizontal stabilizer," Boeing said in a statement. "Airplanes found to have a nonconforming conditions will be reworked prior to ticket and delivery."
GitLab (NASDAQ: GTLB) shares soared over 30% after the software company posted a first quarter earnings beat alongside positive guidance. The company expects second quarter and full year earnings per share and operating income losses to come in smaller-than-estimated, while revenue for both periods should top expectations.
Looking ahead, Wall Street is expected to trade more mutedly ahead of the Federal Reserve's policy meeting next week, with no major economic reports scheduled for release this week.