Wall Street cheered remarks from Federal Reserve Chair Jerome Powell in Jackson Hole opening the door to a rate cut in September.

The Dow Jones Industrial Average was on track for its first record close since December on Friday after Federal Reserve Chair Jerome Powell opened the door to a September rate cut, sparking a broad stock-market rally.

The Dow, S&P 500, and Nasdaq fell as the stock market looked ahead to the Federal Reserve's Jackson Hole Symposium.

If the S&P 500 breaks below 6,200, that's a sign the stock market may be headed for a more serious decline, Bank of America said.

An early rally faded on Friday and the Dow just missed out on closing at its first record high of the year. US stocks were mixed on Friday. The Dow closed higher by 35 points, or 0.08%. Meanwhile, the S&P 500 fell 0.

Follow all the latest U.S. market action for Thursday here to see if stocks can shrug off their latest rotation-based wobble as investors eye Walmart earnings and continue to eye Fed Chair Powell's speech on Friday.

The Dow Jones Industrial Average fell 0.5%, or around 215 points, as it got weighed down by a limping Walmart. The 30-stock index remains below the 45,000 level. The S&P 500 also gave up 0.5% and tested its 21-day exponential moving average.