Nvidia's revenue forecast lifts Wall Street; investors eye the Fed's Warsh

With Nvidia results out, investor attention turns to Federal Reserve Chair Kevin Warsh's first Jackson Hole address on Friday for hints on the central bank's stance on the latest inflation data and the U.S. Treasury's efforts to tame yields.

"A common theme from Warsh has been his focus on the supply side of the economy and we expect that to remain the focus," said Christopher Hodge, chief U.S. economist for Natixis.

"I highly doubt that Warsh will be too declarative in his assessments of what’s to come, but it would not be surprising if he expressed some skepticism about previous policy assumptions and generally struck an anti-doctrinaire approach."

A hotter-than-expected Personal Consumption Expenditures reading on Wednesday muddied the policy outlook, dampening some of the optimism generated by a benign consumer inflation report earlier this month.