Stock market today: Dow rises, S&P 500 and Nasdaq drift ahead of Warsh's first Fed meeting as chair

Wall Street stocks were mixed on Tuesday as hopes faded for a swift reopening of the Strait of Hormuz and focus turned to the Federal Reserve's policy meeting.The Dow Jones Industrial Average (^DJI) rose 0.6% to a new record, extending Monday's rally as markets cheered a peace deal between the US and Iran. The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC), meanwhile, fell 0.6% and 1.1%, respectively.Markets scrutinized the practicality of the US-Iran agreement. Although the deal's details have yet to be released, US officials have said it will reopen the Strait of Hormuz to commercial traffic without tolls by Friday. Investors, however, weighed warnings that reopening the Strait could be difficult, and it could take months for oil shipments to ramp up. US diplomacy with Iran creates a complicated backdrop to the Fed meeting. Recent inflation reports have run hot amid the war, as energy prices have surged. The Fed's counterpart, the Bank of Japan, on Tuesday raised its benchmark interest rate to a 31-year high to counter those price pressures.Fed officials began their June meeting on Tuesday, ahead of Wednesday's closely watched rate decision — the first under President Trump-backed Chair Kevin Warsh. While the Fed is widely expected to hold rates steady this time, many on Wall Street expect a shift toward hikes in the "dot plot" of policymakers' expectations this year.Meanwhile, SpaceX (SPCX) shares jumped further, pointing to a third day of post-IPO gains. The Elon Musk-led company traded within striking distance of Amazon (AMZN) in market value during the session.