U.S. stocks dipped on Tuesday as investors gear up for what Federal Reserve chair Jerome Powell will say about the path of interest rates at a key conference later in the week. The Nasdaq slid more than 1% to its lowest in over two weeks as megacaps Nvidia and Microsoft lost 3.

Wall Street's main indexes rallied over the past two weeks, with the blue-chip Dow hitting an intraday record high on Friday, aided by interest rate cut expectations and a better-than-expected earnings season despite an uncertain trade environment.