Wall Street will search for confirmation of a September interest rate cut when Federal Reserve Chair Jerome Powell speaks at the Jackson Hole symposium on Friday, a potentially pivotal moment for the market and rate-sensitive sectors in particular.

Heading into Fed Chair Jerome Powell's pivotal speech, financial markets are not completely convinced the central bank will cut interest rates next month. The FedWatch tool from CME, which is based off the trading in fed funds futures,

Trump ratcheted up his pressure campaign this week, calling on Fed Governor Lisa Cook to resign after a Trump administration official alleged that she had committed mortgage fraud. Cook rebuked the push for her to quit, saying she has "no intention of being bullied to step down from my position because of some questions raised in a tweet."

The anticipated 2% price swing around Powell’s speech suggests slightly higher volatility than the average daily volatility of 1.52%, which is derived from the 30-day realized volatility of 29%.

In a typical year, Jackson Hole sparks excitement mostly among market watchers. This time, the symposium feels more pivotal.

U.S. stocks closed lower Thursday, with the S&P 500 index logging a fifth straight daily loss, as technology stocks slumped and investors waited to hear from Federal Reserve Chair Jerome Powell on Friday.

Gold edged down as investors awaited the Federal Reserve’s Jackson Hole gathering for clues on the path for US interest rates.Bullion traded around $3,340 an ounce, paring some of the gains made on Wednesday when President Donald Trump’s call for Fed Governor Lisa Cook to resign bolstered haven demand.