Small-cap stocks were edging up in the final hour of trade Thursday, with investors on edge about what Federal Reserve Chair Jerome Powell might say tomorrow about the path of interest rates. The Russell 2000 index of small-cap stocks was up 0.

The Justice Department signaled possible plans to investigate Federal Reserve Governor Lisa Cook, with a top official informing Federal Reserve Chair Jerome Powell of the probe and encouraging him to remove her from the board in a letter sent Thursday.

Three Federal Reserve officials appeared lukewarm on Thursday to the idea of an interest rate cut next month, as investors geared up for U.S. central bank chief Jerome Powell's speech to the annual Jackson Hole conference in Wyoming.

Wall Street will be listening closely to Federal Reserve Chair Jerome Powell's speech Friday at the Jackson Hole economic policy summit, where he could signal whether the central bank is ready to cut borrowing costs at its next meeting in September.

Powell is slated to give his annual address in Jackson Hole, Wyoming, on Friday. Swaps are pricing in a high probability the Fed will cut borrowing costs by a quarter point next month. In the face of mounting pressure from President Donald Trump for hefty reductions,

"This underscores the importance of immediate action to secure the future of the Colorado River," said Reclamation's acting commissioner David Palumbo.

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.

Cryptocurrency markets are trading sideways ahead of Fed Chair Jerome Powell‘s speech on Friday. Cryptocurrency Ticker Price Bitcoin (CRYPTO: BTC) $113,362.70 Ethereum (CRYPTO: ETH) $4,292.75 Solana (CRYPTO: SOL) $184.