U.S. stocks dipped on Tuesday as investors gear up for what Federal Reserve chair Jerome Powell will say about the path of interest rates at a key conference later in the week. The Nasdaq slid more than 1% to its lowest in over two weeks as megacaps Nvidia and Microsoft lost 3.

Investors continue to price in a 0.25% cut from the Federal Reserve next month, although they have lowered their expectations about that.

Wall Street’s major averages finished to the downside on Tuesday, as investors look ahead to the kickoff of retail earnings season while also monitoring developments in the Ukraine-Russia conflict. The blue-chip Dow (DJI) closed near even on the session,