The Dow Jones soared to an all-time Friday on increased hopes of a rate cut at the September Federal Reserve meeting.

If the S&P 500 breaks below 6,200, that's a sign the stock market may be headed for a more serious decline, Bank of America said.

The Dow Jones Industrial Average was on track for its first record close since December on Friday after Federal Reserve Chair Jerome Powell opened the door to a September rate cut, sparking a broad stock-market rally.

The hope among investors had been that Powell would hint that the Fed's first cut to interest rates of the year may be imminent.

U.S. stock futures rose on Friday following Thursday's declines. Futures of major benchmark indices were higher.

Follow along to what could be a pivotal day in markets with all eyes trained on Jackson Hole, Wyo.

The U.S. market is top-heavy, with Nvidia occupying a bigger weight than any company in modern history. Risks abound, our columnist says.