US stocks closed mixed on Tuesday as investors assessed more tariff policy shifts from President Donald Trump and looked ahead to upcoming inflation data.

Traders also digested the start of Federal Chair Jerome Powell's two-day testimony in Congress. In his opening remarks, Powell told lawmakers the Fed is not in a rush to adjust interest rates and reiterated the central bank's stance of not commenting on trade policy.

The Dow Jones Industrial Average ( ^DJI ) edged around 0.3% higher, while the benchmark S&P 500 ( ^GSPC ) closed just above the flatline. The tech-heavy Nasdaq Composite ( ^IXIC ) pulled back about 0.4%.

The tone is cautious in the wait for Trump to reveal his plan for universal like-for-like tariffs, promised for announcement midweek. The president on Monday imposed 25% tariffs on all steel and aluminum imports from March 12, according to executive orders . That puts further pressure on top trading partners Canada and Mexico.

Meanwhile, the countdown is on for January's Consumer Price Index reading on Wednesday and its wholesale counterpart on Thursday, as inflation stays persistent .