US stocks were largely muted on Tuesday to begin a holiday-shortened week of trading, with potential policy moves by the Federal Reserve and President Donald Trump in focus.

The Dow Jones Industrial Average (^DJI) and tech-heavy Nasdaq Composite (^IXIC) hugged the flat line, while the benchmark S&P 500 (^GSPC) rose around 0.1% to trade near an all-time high.

Stocks on Wall Street are cautiously upbeat after Monday’s closure for Presidents Day as investors debate the future path of interest rates. Fed officials over the long weekend signaled a firm belief that rates should stay at current levels to combat rising inflation.

Treasury yields stepped higher as investors sought more clues to the chances of rate cuts this year, given recent data failed to give a clear steer. The benchmark 10-year yield (^TNX) rose to trade around 4.51% to shed its lowest closing level in a week.

That uncertainty has turned the spotlight on Wednesday’s release of minutes from the Fed’s January meeting for more clues to policymakers’ thinking amid Trump’s tariffs.

At the same time, the US-Russia talks on ending the Ukraine war are gripping markets, after Trump and Putin’s teams met in Saudi Arabia on Monday. Stock markets in Europe (^STOXX) held near record highs as traders bet on higher defense spending in the region.

Earnings season continues, with results from 46 S&P 500 companies due this week. Baidu (BIDU, 9888.HK) report of a fall in revenue kicked off looming results from China’s trillion-dollar tech industry, including Alibaba (BABA) on Thursday.