Inflation, earnings reports, Monday's markets, possible rail strike and more: Tuesday's 5 things to know

At 8:30 a.m. ET, the Bureau of Labor Statistics is expected to say that PPI rose 0.4% month-over-month according to Refinitiv forecasts, unchanged from a hotter-than-expected print of 0.4% in September.

Year-over-year look for growth in core PPI to hold steady at 7.2% in October, the seventh straight month of flat to slowing growth after a record 9.7% surge in March . The S&P 500 fell 35.68 points, or 0.9%, to 3957.25, and the NASDAQ Composite sank 127.11 points, or 1.1%, to 11196.22. The Dow Jones Industrial Average shed 211.16 points, or 0.6%, to 33536.70.

Lerner noted stocks don't always rally when the Fed is cutting rates, pointing to the S&P 500's performance in 2000.

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