U.S. stock indexes traded with mixed results on Tuesday as investors prepared for the release of the consumer price index (CPI) report, an important indicator before the Federal Reserve's final policy meeting of 2024.

The S&P 500 and Nasdaq experienced slight gains but remained below last week's record highs, following a decline caused by a Chinese investigation into Nvidia.

Economists predict a 2.7% annual increase in prices for November, slightly higher than October's 2.6% rise. Bank of America suggests that this CPI report could have a greater impact on the markets than previously anticipated, particularly as options traders brace for the smallest movement related to CPI since inflation began rising in 2021.

Market expectations indicate an 86.1% probability of the Fed implementing a quarter-point rate cut before the end of the year. In corporate news, Oracle shares dropped by over 8% due to an earnings miss and weaker guidance, while Alphabet, the parent company of Google, saw its stock rise by nearly 5% after introducing its new quantum computing chip, Willow.