Chip stocks were in the green on Friday after Federal Reserve Chair Jerome Powell signaled the Fed will potentially cut rates in September.

If the famously data-dependent Federal Reserve Chair Jerome Powell shifts gears and takes a gloomier view of the job market, that could open the door for a rate cut at the Fed’s next meeting in September.

If inflation starts climbing again after a rate cut, “the Fed will have to reverse course — and in the worst case, start hiking again,” Slok said.

Brent Donnelly of Spectra Markets ran a sizeable survey of expectations for Fed Chair Jerome Powell's speech, and of the 473 responses, 51% expect a neutral-to-boring outcome and 43% see a hawkish tint.