Stock market today: Indexes rise as traders eye debate and upcoming inflation report

• Stocks were mostly higher Tuesday, after rebounding sharply in Monday's session.
• Investors are gearing up for August's consumer price index report to release on Wednesday.
• Tuesday's presidential debate could also impact investor sentiment.

US stocks were up on Tuesday, with investors looking to add to Monday's rebound following the big sell-off at the end of last week.

In recent weeks, investors have been navigating economic data that suggests the economy is slowing. On Friday, a weaker-than-expected jobs report did little to calm market fears, and stocks sold off.

This week, investors are bracing for the incoming consumer price index report, scheduled for release on Wednesday morning. Average estimates forecast that prices climbed 2.6% in August year-to-year, a considerable decline from July's 2.9% print.

Most investors appear convinced that the Fed will cut interest rates by 25 basis points at its September 17-18 meeting, though any surprise in CPI data could potentially shift this outcome.

According to the CME FedWatch Tool, investors see a 29% chance of a 50-basis point cut. The odds of a jumbo cut have come down considerably after they spike to nearly 60% immediately after the August employment report.

Before the inflation print, investors will first tune into Tuesday evening presidential debate between candidates Donald Trump and Kamala Harris.

"The presidential election is extremely close, and because there is no obvious frontrunner in the polls, Tuesday's debate will be important in terms of lending clues to who the eventual winner may be, which of course has market and policy implications," The Bahnsen Group chief investment officer David Bahnsen wrote. "Markets right now cannot effectively price in what will be an extremely close election, arguably a 50/50 election."

Later in the week, the producer price index and the latest jobless claims will be published on Thursday.

Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:

• S&P 500 : 5,486.07, up 0.27%
• Dow Jones Industrial Average : 40,807.51, down 0.05% (-22.08 points)
• Nasdaq composite : 16,944.17, up 0.35%

Here's what else happened today:

• 'Don't buy the tech dip' as the market gets more volatile , BofA says.
• 5 markets hit hardest by housing shrinkflation , according to Realtor.com .
• Bitcoin will surge 59% to $90,000 under a Trump victory , Bernstein says.
• 3 factors that could break China out of its economic rut , Goldman Sachs says.
• 4 reasons investors can stay positive as recession worries mount , Deutsche Bank says.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil slid 0.58% to $68.31 a barrel. Brent crude , the international benchmark, fell 0.64% to $71.38 a barrel.
• Gold increased by 0.28% to $2,539.8 an ounce.
• The 10-year Treasury yield stayed essentially flat at 3.7%.
• Bitcoin climbed 0.26% to $57,101.16.