Stock market today: S&P 500, Nasdaq snap 8-day winning streak as focus turns to Jackson Hole

Markets took a breather on Tuesday to snap their longest rally this year, with all three major indexes closing in the red as the focus shifts to Fed Chair Powell's speech at Jackson Hole later this week.

The S&P 500 ( ^GSPC ) dropped about 0.2%, coming off an eight-strong run of daily wins for the benchmark index — its longest since November. The Dow Jones Industrial Average ( ^DJI ) also shed around 0.2%, or less than 100 points, while the tech-heavy Nasdaq Composite ( ^IXIC ) fell roughly 0.3%.

Stocks are marking time as anticipation builds for Powell's speech at the Jackson Hole get-together for central bankers on Friday.

Investors will also be closely watching expected annual revisions from the Bureau of Labor Statistics (BLS) on Wednesday, which could knock up to a million jobs off previously reported job growth over the last year.

Stocks have made a strong comeback from an early August rout as fresh economic data bolstered the case for the central bank to start lowering rates sooner — and maybe further — than previously thought.

Wall Street expects Powell to set the stage for a September rate cut in dovish remarks on Friday, now that several Fed officials have given their blessing to easing. The debate now is whether a 0.5% cut is in the cards, rather than on the timing of the move, and what part upcoming labor data will play in deciding that.

On the corporate front, Lowe's ( LOW ) stock fell after the company cut its annual profit and sales forecasts in its quarterly earnings. The home improvement retailer joined rival Home Depot ( HD ) in flagging muted consumer demand for big-ticket purchases.

In commodities, gold ( GC=F ) resumed its rally, climbing above $2,520 an ounce to hit another record high. The metal's price has risen over 20% so far this year as geopolitical conflicts and rate-cut prospects burnish the appeal of the safe-haven and non-interest-bearing asset .