Stocks start the week just shy of record highs, underpinned by a well-received corporate earnings season and hopes the Federal Reserve will soon start reducing official borrowing costs again. Investors are therefore keen that Friday’s keynote address by Fed Chair Jerome Powell at the Jackson Hole symposium will be suitably dovish.

U.S. stocks dipped on Tuesday 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.

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