Stock market today: Nasdaq rises, Dow falls in whipsaw trading action as inflation report looms

US stocks traded mixed in a rollercoaster session on Tuesday as investors geared up for a looming consumer inflation report seen as crucial to determining the size of the first US interest-rate cut in years. The benchmark S&P 500 reversed earlier losses to climb about 0.3% higher. The tech-heavy Nasdaq Composite did the same, rising 0.7%. Losses tied to the Dow Jones Industrial Average somewhat recovered by afternoon trading, with the index down 0.3%, or more than 100 points.

The volatile moves follow Monday's sharp rebound, which saw the major gauges surge over 1% as investors went post-rout bargain hunting. Volatility is stalking the markets as investors waver between hopes for a hefty 0.5% rate cut from the Federal Reserve and worries about recession risks. August's consumer inflation reading on Wednesday should provide some clues after the monthly jobs report left the market guessing on just how much the central bank will cut rates.

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