Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole Economic Policy Symposium on Friday is being billed as a pivotal, "make-or-break" moment for the central bank's more dovish contingent.

The Nasdaq fell as megacaps lost, after having rallied for much of the year. Nvidia fell 3.5%, the biggest drop in nearly four months.

Investors are tracking talks aimed at ending the Russia-Ukraine war and awaiting Federal Reserve Chair Jerome Powell's speech at Jackson Hole at the end of the week.

Incoming information has confounded Fed Chair Jerome Powell's data-dependent strategy by pulling in both directions.

Jerome Powell has the ideal platform Friday to deliver a clear signal the Federal Reserve is about to resume cutting interest rates. But the economy isn’t giving him an equally clear signal that now is the time.

Investors continue to price in a 0.25% cut from the Federal Reserve next month, although they have lowered their expectations about that.