Stock market today: S&P 500, Nasdaq edge higher as inflation report looms

US stocks wavered 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 and tech-heavy Nasdaq Composite ticked up roughly 0.4% and 0.7%, respectively, while the Dow Jones Industrial Average fell about 0.2%. The moves follow Monday's sharp rebound, which saw the major gauges surge over 1% as investors went post-rout bargain hunting.

The countdown is on to the August consumer inflation reading on Wednesday, which could be decisive for rate-cut expectations after the monthly jobs report left the market guessing. Read more: Fed predictions for 2024: What experts say about the possibility of a rate cut With the Fed's policy decision just days away, investors are still unsure whether a 25- or 50-basis-point cut is on the way.

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