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In particular, traders are waiting to hear a speech from Fed Chair Jerome Powell on Friday at Jackson Hole, Wyoming, that could provide clues about future interest rate cuts.

Two of the Fed’s top officials said on Thursday that do not see a need to cut interest rates next month, but another mentioned that he is "open-minded" about the situation. Kansas City Fed President Esther George, who dissented against the recent decision to cut policy rates.  Philadelphia Fed President Patrick Harker, who said he "reluctantly" supported last month’s rate cut, told CNBC that "we should stay here for a while and see how things play out."

U.S. official warned on Thursday that the U.S. will aggressively enforce its sanctions to deter the shipping industry from helping an Iranian oil tanker that is traveling through the Mediterranean Sea and that Washington wants to seize.