The Nasdaq and S&P 500 dipped today, driven by tech stocks, as investors gear up for what Federal Reserve chair Jerome Powell will say about the path of interest rates at a key conference later in the week.

The Nasdaq fell as megacaps Nvidia, Microsoft and Meta Platforms lost, after having rallied for much of the year.

The key event this week is the Fed’s annual symposium at Jackson Hole, Wyoming, from Aug. 21-23, where Powell’s comments will be scrutinized for any clues on the central bank’s outlook on the economy and monetary policy.

“It seems like folks are hedging a little going into Jackson Hole, thinking Powell might be more hawkish than markets currently appreciate,” said James Cox, managing partner at Harris Financial Group.

Interest rate futures point to a total of two rate cu

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