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Traders watching inflation for clues on growth, Fed policy

All eyes on Wall Street will watch inflation data Tuesday, while earnings season continues to build up steam.

The September Consumer Price Index is scheduled for release before the open, as are third-quarter earnings from Goldman Sachs, UnitedHealth and other large-cap companies. Traders are watching the data for indications on whether inflation is running hot enough to support a U.S. Federal Reserve rate hike as soon as later this year, while the quarter's corporate earnings are expected to mark the turning point toward a return to earnings growth.

"CPI is going to be in focus because of the comments from [Fed Vice Chair Stanley] Fischer on low interest rates," said Robert Pavlik, chief market strategist at Boston Private Wealth.