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 soared 716 points, or 1.6%, and was on track to blow past its own all-time high, which was set in December. The Nasdaq composite was up 1.6%, as of 10:25 a.m. Eastern time.

U.S. stock index futures edged higher on Friday, recovering slightly from the previous session's losses as investors awaited Federal Reserve Chair Jerome Powell's address at the Jackson Hole Symposium for clues on the interest-rate path.

Stock futures are pointing to a slightly lower open for major indexes on Wednesday as investors respond to a slew of earnings reports from retailers and brace for a big speech later in the week by Federal Reserve Chair Jerome Powell.

The Nasdaq Composite extended its slide on Tuesday–and even the Dow Jones Industrial Average was struggling after hitting an intraday record this morning. The tech-heavy index was down 1.5%, while the Dow was down 90 points,

The major indexes close the day with losses on Thursday after wavering earlier in the session. Palantir stock adds suspense.

President Trump's tariffs continue to affect global markets and the economy. Follow along for live updates on stocks, bonds and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.

The stock's fall snapped a three-day winning streak.