Wall Street was met with a choppy trading session on Tuesday as market participants looked for direction following three days of heavy selling. The Dow Jones Industrial Average dropped over 160 points, while the S&P 500 Index was flat by closing bell and the Nasdaq Composite added 0.9%.

Technology stocks were the driving force behind the Nasdaq's gains, with stocks like Microsoft (MSFT  ), Intel (INTC  ) and Apple (AAPL  ) all climbing higher as investors bought-the-dip in shares from Monday's declines. However, other sectors saw more losses on Tuesday, with names like Home Depot (HD  ), 3M (MMM  ) and JPMorgan Chase (JPM  ) pulling the Dow lower.

Equity markets are continuing their recent streak of volatility amid concerns surrounding inflation, rising interest rates, and the risk of a global economic slowdown. Market participants are looking ahead at Wednesday's Consumer Price Index reading for clues on the state of inflation in the United States and the possible next moves the Federal Reserve will take to combat rising prices.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.24% or +9.75 points to 4,000.99

Dow Jones Industrial Average (DIA  ): -0.27% or -85.55 points to 32,160.15

Nasdaq Composite Index (QQQ  ): +0.98% or +114.42 points to 11,737.67

Biden says White House may drop Trump China tariffs to combat inflation:

President Joe Biden on Tuesday said his administration may drop some of the tariffs imposed on Chinese imports to help control rising consumer prices in the United States.

The tariffs, which were imposed under former President Donald Trump during a long-running trade war with Beijing in effort to encourage more American manufacturing, could be removed altogether, Biden said in an address to the nation from Washington.

"We're looking at what would have the most positive impact," Biden said.

Biden reiterated that the impact of the coronavirus pandemic on the global economy and Russia's invasion of Ukraine has cause U.S. prices to increase at their fastest pace since the early 1980s.

"I want every American to know that I am taking inflation very seriously," Biden said. "The first cause of inflation is a once-in-a-century pandemic. Not only did it shut down our global economy, it threw supply chains and demand completely out of whack."

"And this year we have a second cause: Mr. Putin's war in Ukraine," Biden added.

Here's how benchmarks started trading after market open:

S&P 500 Index: +1.85% or +73.98 points to 4,065.22

Dow Jones Industrial Average: +1.45% or +467.54 points to 32,713.24

Nasdaq Composite Index: +2.54% or +295.81 points to 11,919.06