CNBC Daily Open: Fed watch, Apple pops

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

More records smashed
The S&P 500 and Nasdaq Composite closed at record highs, driven by investors apparently shifting from Nvidia to Apple shares, propelling the iPhone maker to a new peak. Meanwhile, the Dow Jones Industrial Average fell by 120 points ahead of key inflation data and the conclusion of the Federal Reserve's meeting on Wednesday. The 10-year Treasury yield dipped in anticipation of the Fed's economic projections. U.S. oil prices remained steady as OPEC maintained its demand and economic growth forecasts.

Apple pops
Apple's shares rose to a record high a day after it announced its push into artificial intelligence. Siri will get an upgrade with Apple Intelligence and the company will partner with OpenAI, giving users access to ChatGPT. Morgan Stanley said Apple's AI features strongly position the company with "the most differentiated consumer digital agent." And the features will drive consumers to upgrade their iPhones, which should "accelerate device replacement cycles." 

Musk drops OpenAI suit
Elon Musk dropped his lawsuit against OpenAI, CEO Sam Altman and President Greg Brockman, which alleged breach of contract and fiduciary duty. The lawsuit centered scheduled for a hearing in San Francisco, centered on Musk's claim that OpenAI deviated from its original non-profit mission to pursue profits under Microsoft's control. Legal experts had questioned the case's foundation, as the underlying contract was not a formal written agreement. 

GM trim EV sales

General Motors trimmed its