The market fell back Tuesday morning after the Dow Jones industrial average closed at a record high Monday. It is a low volume and news day, as the market awaits $NVIDIA (NVDA.US)$ earnings Wednesday night, the PCE report on Friday, and a long holiday weekend to celebrate or dispair over the results of those two events.

Just past 3:20 ET the    $S&P 500 Index (.SPX.US)$ traded up 0.15%, the       $Dow Jones Industrial Average (.DJI.US)$ fell 0.02%, and the    $Nasdaq Composite Index (.IXIC.US)$ traded +0.19%.

Federal Reserve President Jerome Powell said everything short of 'we are cutting rates in September' at the Jackson Hole, WY Economic Symposium Friday, the market reacted positively, with indexes climbing right up to the shoulder of record highs.

Every sector on the S&P 500 was in the green Friday after the Fed news, but since reaching a hairs length of records, prices have stayed put in the past two trading sessions.

Powell did not specify the timeline of these rate cuts, but he said he was confident the economy was on the way to 2% inflation. "The time has come to adjust, and the direction is clear," Powell said.

Though Fed Powell's speech did not highlight the timeline for rate cuts, Wednesday FOMC meeting minutes from July paint a short time frame. Members reportedly were ready to cut rates in September if everything stayed the same; some even wanted to cut rates then.

This week in macro, investors can look forward to more macroeconomic data that might inform how the FOMC will decide on rate cuts to come. CB Consumer Confidence came out Tuesday morning, showing a jump in expectations. Crude Oil Inventories and a speech from FOMC member Bostic will arrive Wednesday; Continuing and Initial Jobless claims will drop Thursday alongside updated GDP numbers for the second quarter.

Friday, we will see the release of the Person Consumption Expenditure index for July, the Fed's favorite inflation measure. Last time, the PCE came in at 2.6% year over year, the lowest since 2021. Michigan consumer expectations and confidence will also drop Friday.

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What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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