Stocks rose slightly on Wednesday as investors awaited a highly anticipated speech on interest rates at the end of the week.

The S&P 500 rose 12.04 points, or 0.3%, to 4,140.77, as traders resisted making big movements. The Dow Jones Industrial Average increased by 59.64 points, or 0.2%, to 32,969.23, while the Nasdaq Composite increased by 50.23 points, or 0.4%, to 12,431.53.

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The market has moved modestly for the second day in a row, although this comes after some wild swings up and down in recent weeks.

Stocks rose over the summer on expectations that inflation was nearing its peak and that the Federal Reserve would raise interest rates less aggressively than previously anticipated. But recent comments by Fed officials have cooled such expectations, sending Wall Street on Monday to its worst day in months. Discouraging reports on the economy have meanwhile highlighted the risk of a recession.

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Wall Street’s focus remains centred on Friday, when Fed Chair Jerome Powell gives a speech at an annual economic conference in Jackson Hole, Wyoming. It’s been the setting for market-moving speeches in the past, which has investors hoping Powell will offer clarity on further rate hikes. 

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Treasury yields have been rising recently, partly in anticipation of the Fed continuing to lean toward raising rates aggressively to quash the worst inflation in decades. The two-year yield, which tends to track expectations for the Fed, rose to 3.40% from 3.30% late Tuesday.

The 10-year yield, which helps set rates for mortgages and many kinds of loans, rose to 3.11% from 3.05% after a report showed that U.S. orders for long-lasting goods were flat in July. Excluding transportation, though, growth was stronger than economists expected.

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In the stock market, Intuit rallied 3.6% for one of the larger gains in the S&P 500. The owner of TurboTax delivered stronger results for the latest quarter than expected and forecast revenue for the upcoming fiscal year that topped some analysts’ expectations.

On the losing end were several retailers, which are among the last companies to report how much profit they made during the spring.

Nordstrom tumbled 20% after it cut its financial forecast for the year, though it reported a stronger profit for the latest quarter than expected. It’s the latest major retailer to say it’s struggling to keep up with its customer’s changing shopping patterns.

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Advance Auto Parts slumped 9.6% after its quarterly results fell short of expectations. The car parts chain said its do-it-yourself customers are getting squeezed by high inflation and gasoline prices well above where they were a year ago.

Markets overseas were mixed, with stocks in Shanghai sinking 1.9% but South Korean stocks up 0.5%.