Stocks on Wall Street eyed more gains on Tuesday after notching their longest rally this year, amid optimism that Jerome Powell will signal the Federal Reserve is open to a deeper cut when it starts lowering interest rates.

S&P 500 futures (ES=F) were up 0.1%, coming off an eight-strong run of daily wins for the benchmark index — its longest since November. Dow Jones Industrial Average futures (YM=F) wavered around the flatline, while contracts on the tech-heavy Nasdaq 100 (NQ=F) also inched up 0.1%.

Markets are marking time as anticipation builds for Fed Chair Powell's speech at the Jackson Hole get-together for central bankers at the end of the week. 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) cut its annual profit and sales forecasts in its quarterly earnings before the bell. The home improvement retailer joined rival Home Depot (HD) in flagging muted consumer demand for big-ticket purchases.