The S&P 500 and Nasdaq were muted at the open on Tuesday as the latest inflation reading turned investors cautious ahead of the Federal Reserve's policy decision, even as it cemented expectations that interest rates have peaked.

The Dow Jones Industrial Average rose 37.17 points, or 0.10 percent, at the open to 36,442.10.

The S&P 500 opened lower by 4.14 points, or 0.09 percent, at 4,618.30, while the Nasdaq Composite dropped 9.48 points, or 0.07 percent, to 14,423.01 at the opening bell.