U.S. stocks fell Tuesday, putting the major averages on track to give back the gains seen in the previous session, as investors looked to comments from the top Federal Reserve official.

The Dow Jones Industrial Average traded 68 points lower, or 0.1%. The S&P 500 slipped 0.3%, and the Nasdaq Composite pulled back 0.4%.

Nvidia shares fell nearly 2%. Other major tech stocks such as Meta Platforms and Apple were also down slightly.

Fed Chair Jerome Powell joined a panel with other central bank leaders in Portugal, at which Wall Street hopes he will provide clues on future moves for the U.S. monetary authority. Per the CME Group’s FedWatch tool, there’s a nearly 70% probability the Fed will cut rates in September.

Wall Street is coming off a positive session. The tech-heavy Nasdaq Composite gained 0.8% to close at a record, while the S&P 500 rose 0.3%. Meanwhile, the Dow Jones Industrial Average added 50.66 points, or 0.1%.

Investors are deliberating whether the strong start to the year can continue in the back half of 2024. While megacap tech stocks continue to outperform, bearish market observers worry poor breadth could signal choppiness ahead.

For now, the performance of underlying stocks in the major indexes remain at a healthy level, according to Kevin Gordon, senior investment strategist at Charles Schwab.

“I think that’s actually probably the key for the second half of the year,” Gordon said on CNBC’s “Closing Bell” on Monday. “If you can keep above two-thirds of members in the S&P and the Nasdaq that are above their 200-day moving average, I think that would still be a relatively healthy setup as we go through the softer patch of economic data, as you get through a little bit more clarity for where the Fed is going, and what the actual timing of rate cuts looks like.”