Stock futures rose slightly in overnight trading on Thursday as traders await a crucial policy speech by Fed Chairman Jerome Powell in which he will provide guidance on future interest rate cuts.

Futures on the Dow Jones Industrial Average gained 47 points. Futures on the S&P 500 and Nasdaq 100 rose 0.2% and 0.3%, respectively.

The Fed chairman will speak at the central bank’s annual meeting in Jackson Hole, Wyoming, at 10 a.m. Eastern Time. He is expected to signal that it would be appropriate for the central bank to begin cutting interest rates soon, but there will be little information on the extent and frequency of the cuts.

“Powell is expected to lay the groundwork for the Fed’s first rate cut in over four years,” said Adam Turnquist, chief technical strategist at LPL Financial. “Signs of easing price pressures and slowing economic growth should be enough for policymakers to begin cutting rates.”

Markets are betting on a quarter-percentage-point cut at the Sept. 17-18 meeting, while the odds of a half-percentage-point cut are about 1 in 4, according to CME Group’s FedWatch. Minutes of the July meeting showed that an “overwhelming majority” of members favored a September cut.

On Thursday, ahead of the speech in Jackson Hole, stock prices came under pressure from a rise in US Treasury yields. The S&P 500 fell 0.9 percent, while the technology-heavy Nasdaq Composite fell 1.7 percent, its worst day since August 5. The blue-chip Dow index lost 177 points.

The Dow and S&P 500 are still slightly up this week. However, the Nasdaq is down 0.1% week to date and is on track to post its fifth negative week in six weeks.