U.S. equities retreated on Tuesday as technology shares led a broad but shallow pullback ahead of the Federal Reserve’s annual Jackson Hole symposium later this week. The Nasdaq Composite slid 1.5% to 21,308, its steepest one-day decline since early August, while the S&P 500 lost 0.6% to 6,411. The Dow Jones Industrial Average finished virtually unchanged at 44,906 after briefly touching an intraday record. Nvidia sank 3.5%, dragging other mega-caps lower, even as Home Depot gained roughly 3% after reaffirming its full-year outlook. Traders largely attributed the risk-off tone to uncertainty over Chair Jerome Powell’s speech in Wyoming on Friday, where he is expected to unveil tweaks to the Fed’s policy framework. Fed funds futures imply an 83% probability the central bank will resume cutting rates at its September meeting and signal a total of two quarter-point reductions this year, though ING strategist Chris Turner projects as many as three cuts in 2025. The gathering comes against a backdrop of mixed macro data—sticky inflation and cooling job growth—that has complicated the Fed’s balancing act. Market participants are also watching this week’s earnings reports from Walmart, Target and Lowe’s, as well as the release of July FOMC minutes on Wednesday, for additional clues on the economy’s trajectory.