The S&P 500 closed at an all-time high Tuesday as markets awaited minutes of the Federal Reserve's January monetary policy meeting due Wednesday.

The S&P 500 rose 0.2% to 6,129.6, while the Nasdaq Composite advanced 0.1% to 20,041.3. The Dow Jones Industrial Average closed little changed at 44,556.3. Among sectors, energy led the gainers, while communication services saw the steepest decline.

US markets were closed Monday in observance of Presidents Day.

At its meeting late last month, the central bank's Federal Open Market Committee decided to leave its benchmark lending rate unchanged following three straight cuts and said inflation remained "somewhat elevated."

Last week, Fed Chair Jerome Powell said policymakers do "not need to be in a hurry" to adjust interest rates as the economy remains strong.

"A hotter-than-expected producer price report (last week) on the heels of a rise in the (consumer price index) report reinforces concerns of ingrained inflationary pressures in the economy and further upside price risks given an aggressive fiscal policy agenda," Stifel said in a Tuesday note to clients. "As such, hopes of further policy relief from the Fed is off the table, at least for now, or until inflation stabilizes and/or the labor market shows meaningful signs of cooling."

The US 10-year yield rose 7.6 basis points to 4.55%, while the two-year rate added 4.7 basis points to 4.31%.

In economic news, homebuilder confidence in the US fell to the lowest level in five months in February amid concerns regarding tariffs and rising housing costs, according to National Association of Home Builders and Wells Fargo data.

"Uncertainty on the tariff front helped push builders' expectations for future sales volume down to the lowest level since December 2023," NAHB Chairman Carl Harris said.

New York manufacturing activity rebounded more than expected into growth territory this month as orders jumped, the New York Fed said.

West Texas Intermediate crude oil rose 1.5% to $71.78 a barrel Tuesday.

In company news, Intel (INTC) shares jumped 16%, the best performer on the Nasdaq and among the best on the S&P 500. The Wall Street Journal reported Saturday that Taiwan Semiconductor Manufacturing (TSM) and Broadcom (AVGO) are considering pitching deals to acquire separate pieces of Intel. Taiwan Semiconductor's shares fell 0.6% Tuesday, while Broadcom declined 1.9%.

H&E Equipment Services (HEES) received a superior acquisition offer from Herc (HRI), giving it the option to terminate its proposed acquisition deal with United Rentals (URI), which does not plan to submit a revised bid. H&E shares soared 15%, while Herc and United Rentals slid 7.3% and 2.8%, respectively.

Medtronic (MDT) reported fiscal third-quarter revenue below analyst projections as some distributors lowered their surgical inventory levels, weighing on the division's performance. The medical device maker's shares dropped 7.3%, the steepest decline on the S&P 500.

Conagra Brands (CAG) was among the worst performers on the S&P 500, down 5.5%. The company on Monday lowered its fiscal 2025 adjusted earnings and organic net sales growth guidance.

Gold increased 1.8% to $2,952.10 per troy ounce, while silver gained 1.7% to $33.41 per ounce.