U.S. stocks began the shortened holiday week mostly higher, with investors awaiting more insights on President Trump’s tariff plans and the release of minutes from the Federal Reserve’s last meeting.

Despite concerns over tariffs and rising inflation, stocks have been nearing record highs.

As of early Tuesday, the S&P 500, Dow, and Nasdaq were close to their peaks.

Investors are focused on the Fed’s stance on inflation and interest rates, with expectations growing that rate cuts may be over, and hikes could be next, USA Today has reported.

A report showed rising manufacturing activity along with higher inflation in the New York region.

Written by B.C. Begley