Stocks mostly rose Friday ahead of a closely watched speech by Federal Reserve boss Kevin Warsh that investors will be parsing for clues about the outlook for interest rates amid elevated inflation and no sign of an end to the Middle East crisis.
With the euphoria following Nvidia's blistering earnings report petering out, the attention is back on the economy as debate surrounds if or when the US central bank will tighten monetary policy.
Last month's Fed meeting saw policymakers keep borrowing costs on hold but with three of them dissenting in favour of a hike, and while the latest figures showed inflation easing slightly it remains well above the two percent target.
Worries that price rises will remain elevated for some time -- fuelled largely by a spike in energy costs caused by the Iran war -- have put upward pressure on long-term Treasury yields, making government borrowing increasingly expensive.
Traders are hoping Warsh's speech at the annual meeting of central bankers and economic leaders at Jackson Hole, Wyoming, will give them an insight into decision-makers' thinking.
