U.S. equities lost momentum at the start of the week as investors positioned for Federal Reserve Chair Jerome Powell’s keynote address at the Jackson Hole Economic Policy Symposium on Friday. The S&P 500 slipped roughly 0.6% and the Nasdaq Composite about 1.5% on Tuesday, while the Dow Jones Industrial Average held near record territory. Tech weakness was a drag, with Nvidia tumbling 3.5%, and Home Depot’s mixed quarterly report set a cautious tone for a string of retail earnings still to come from Lowe’s, Target and Walmart. Powell is expected to unveil an updated monetary-policy framework during his Aug. 22 speech, and traders are debating whether he will endorse—or temper—bets on easier policy. Fed-funds futures currently assign an 83-85% probability to a 25-basis-point rate cut at the Sept. 16-17 FOMC meeting and price in roughly two cuts by year-end. Several analysts warn that stickier inflation could prompt a more guarded message, even as slowing job gains bolster the case for looser policy. The wait-and-see stance kept other assets subdued. The dollar index hovered around 98.3, little changed on the day, and Treasury yields were broadly steady ahead of Wednesday’s release of minutes from the Fed’s July meeting. With few major data releases before Powell speaks, markets are likely to remain range-bound until clearer guidance emerges from Jackson Hole.