Stock market today: Stocks fall in whipsaw trading action as inflation report looms

US stocks dropped 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 gave up earlier gains to fall about 0.5%, while tech-heavy Nasdaq Composite also reversed positive swings to decline roughly 0.3%. Losses tied to the Dow Jones Industrial Average accelerated by afternoon trading, with the index dropping roughly 1%, or about 500 points.

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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