Fed Chair Jerome Powell seems ready to cut interest rates in the fall but will still rely on incoming economic data about inflation and employment.

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.