Stocks closed modestly lower yesterday. The S&P and Nasdaq ended their 8-day winning streak. The S&P is now just 1.24% away from their record high close, while the Nasdaq is just 4.49% away.

Not much in the way of economic reports out yesterday. So it was a perfect day for the markets to take a breather after a spectacular rally that lifted stocks from their pullback/correction lows just a couple weeks ago, to within a few percentage points from their recent highs.

Today we'll get MBA Mortgage Applications, the Atlanta Fed Business Inflation Expectations, and the Quarterly Services Survey.

We'll also get the FOMC Minutes from last month's Fed meeting. While Fed Chair Jerome Powell is pretty transparent in his Press Conferences following the FOMC Announcements, it's always interesting to see what the minutes say as it often shows additional details that may not have been shared during his talks.

After today, the economic calendar gets even more interesting.

Tomorrow we'll get Weekly Jobless Claims and the PMI Composite Index. And the Jackson Hole Economic Symposium starts.

But the main event this week will likely be Jerome Powell's Jackson Hole speech on Friday at 10:00 AM ET. You can be sure all eyes and ears will be tuned in to see if he confirms a rate cut is coming in September (and if so, by how much), or if it sounds like it may get postponed until November. It's highly unlikely anything he says will be that cut and dried. But listeners will be hanging on every word he says and doesn't say to try and glean what the Fed will do come September 18.

But before the Fed meets in mid-September, we'll get 3 more inflation reports and 1 more employment report. On 8/30 we'll get the Personal Consumption Expenditures (PCE) index, which is the Fed's preferred inflation gauge. On 9/6 we'll get the Employment Situation report. The last report sent stocks reeling. We'll see how this next one is received. On 9/11 we'll get the Consumer Price Index (CPI ? retail inflation) report. And on 9/12 we'll get the Producer Price Index (PPI ? wholesale inflation) report.

Given the Fed has insisted they will remain data dependent, there's still plenty more Fed influencing reports to come out before they meet again.

In the meantime, there's plenty of other data to influence the market, not the least of which is another 75 companies on deck to report today, with retail companies Target, Macy's, The TJX Companies and Urban Outfitters in queue, along with tech companies Agilent, Synopsys and Analog Devices.

And we'll see if the market can start a new winning streak and break out to new highs.

See you tomorrow,