U.S. stocks down slightly after eight straight days of gains

Wall Street stocks opened slightly lower Tuesday after posting their longest rally this year, amid optimism that Jerome Powell will signal the Federal Reserve is open to deeper cuts when it begins lowering interest rates.

The S&P 500 Index (GSPC) ended mixed, following eight consecutive daily gains for the benchmark index, its longest streak since November. The Dow Jones Industrial Average (DJI) also flattened, while the tech-heavy Nasdaq Composite (IXIC) fell about 0.1%.

Markets are marking time as anticipation builds for Fed Chairman Powell’s speech at the central bankers’ meeting in Jackson Hole later this week. Stocks have mounted a comeback after a rout in early August as fresh economic data bolsters the argument that the central bank should start cutting rates sooner — and perhaps further — than previously expected.

Wall Street expects Powell to set the tone Friday with dovish remarks in favor of a September rate cut, now that several Fed officials have given the green light to easing. The debate now is over whether a 0.5% rate cut is possible, rather than the timing, and how much of a role upcoming jobs data will play in that decision.

On the corporate front, Lowe’s (LOW) cut its full-year profit and sales forecasts in quarterly results released before the close. The home improvement retailer joined rival Home Depot (HD) in reporting muted consumer demand for big-ticket purchases.

In commodities, gold (GC=F) resumed its ascent, surging above $2,520 an ounce to hit a new record. The metal is up more than 20% year-to-date, with geopolitical conflicts and prospects of lower rates boosting the appeal of this safe-haven, non-interest-bearing asset.