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Major US stock exchanges closed mixed Tuesday as the Federal Reserve's two-day monetary policy meeting kicked off.

The Dow Jones industrial average fell almost 16 points, or 0.04%, to end the session at 41,606.

The S&P 500, on the other hand, rose 1.5 points, or 0.03% to 5,634.

The Nasdaq Composite, meanwhile, added nearly 36 points, or 0.2%, to finish the day at 17,628.

The Fed is expected to begin lowering interest rates after the meeting Wednesday, but the magnitude remains in question.

The probability of a rate cut of 25 basis points stood at 36% at the closing bell, while a cut of 50 basis points was at 65%, according to the FedWatch Tool provided by the Chicago Mercantile Exchange Group

The VIX volatility index, referred to as the "fear index," rose 2.8% to 17.62. The 10-year US Treasury yield added 0.76% to 3.651%.

The US dollar index increased 0.22% to 100.99, while the euro lost 0.14% against the dollar, trading at $1.1117.

Precious metals were on the decline. Gold lost 0.5% to $2,569 per ounce and silver fell 0.2% to $30.67.

Oil prices increased around 1.6%, with global benchmark Brent crude at $73.91 per barrel and US benchmark West Texas Intermediate at $70.18.