Stocks rose slightly on Thursday with the S&P 500 inching closer towards record levels as the investors look for clues from the Fed's Jackson Hole symposium on the depth of the likely interest rate cut expected next month.
The S&P 500 (^GSPC) rose 0.3% while the tech-heavy Nasdaq Composite (IXIC) rose 0.5%. The Dow Jones Industrial Average (^DJI) was up 0.2%, after the three indexes closed in the green on Wednesday.
In early trading the S&P 500 was less than 1% away from touching its July all-time intraday high.
The Fed's Jackson Hole symposium kicks off Thursday with investors on high alert for any shift in tone from the policymakers when Powell speaks at the event on Friday.
Minutes from the Fed's last meeting showed several officials were open to a July rate cut, solidifying the probability of a pivot in September.
Hopes for lower rates have already helped markets recoup all of its losses from an early August rout during a stunning rebound.
Nvidia (NVDA) has been one of the biggest winners of that bounc. On Thursday the stock gained more than 1% following a bullish note from Citi analysts. Wall Street firms have recently reiterated their Buy ratings ahead of the AI chip giant's quarterly results next week.
Nvidia shares have gained roughly 30% since their August lows.