Stocks rose on Tuesday as investors continue to weigh the Federal Reserve's hawkish monetary policy ahead of a key inflation report due Thursday. The Dow Jones Industrial Average climbed over 370 points, while the S&P 500 and Nasdaq Composite added about 0.8% and 1.3%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.84% or +37.61 points to 4,521.48

Dow Jones Industrial Average (DIA  ): +1.06% or +372.24 points to 35,463.37

Nasdaq Composite Index (QQQ  ): +1.28% or +178.79 points to 14,194.46

Apple to release new Tap to Pay feature for iPhone:

Apple (AAPL  ) announced Tuesday it will release a new Tap to Pay feature for iPhone, allowing users to buy goods from merchants without additional hardware. The service will use the iPhone's NFC chip, and will also accept Apple Pay, as well as Visa (V  ), American Express (AMEX  ), Mastercard (MA  ) and Discover (DFS  ).

Apple said that Stripe will be the first payment operator to offer the service, and it will be integrated into Shopify's (SHOP  ) point-of-sale product.

"As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, in a press statement. "In collaboration with payment platforms, app developers, and payment networks, we're making it easier than ever for businesses of all sizes--from solopreneurs to large retailers--to seamlessly accept contactless payments and continue to grow their business."

Amazon rolls out its telehealth service nationwide:

Amazon (AMZN  ) announced it is rolling out its telehealth service, Amazon Care, across the United States on Tuesday.

The program, launched in 2019 for employees in and around the company's Seattle headquarters, provides virtual care visits, telehealth consultations and in-home visits from nurses for care such as testing and vaccinations. Since its pilot program, Amazon Care has expanded to become more of a primary care service.

In addition, Amazon is expanding its in-person care offering, which is currently available in eight cities, to 20 more cities across the nation, including New York City, San Francisco, Miami and Chicago.

Peloton CEO to step down, cut 2,800 jobs:

Peloton Interactive (PTON  ) is expected to replace its Chief Executive Officer, co-founder John Foley, according to a Wall Street Journal report. Foley will become executive chair after he steps down.

According to the report, Foley will be replaced by former Spotify (SPOT  ) Chief Financial Officer Barry McCarthy, who was behind the company's 2018 direct listing.

Peloton is also expected to cut 2,800 jobs as it seeks to address its slowing demand for its connected bikes.

Here's how market benchmarks started trading soon after open:

S&P 500 Index: -0.06% or -2.86 points to 4,481.01

Dow Jones Industrial Average: +0.30% or +106.38 points to 35,197.51

Nasdaq Composite Index: -0.58% or -82.34 points to 14,015.67