Investors have all eyes fixed on the Federal Reserve’s annual economic symposium in Jackson Hole, Wyo., as the Fed charts the future direction of the monetary policy in what could be a defining moment for the market’s summer story.

While the major stock indexes traded modestly lower throughout the day, there were more notable moves beneath the surface. It's unclear at this point what Powell will say in his Jackson Hole speech, but Wall Street is hoping for hints of a September rate cut.