US stocks trade mixed as investors weigh economic data and China stimulus ahead of Fed's Jackson Hole gathering

• US stocks moved higher Thursday as Federal Reserve officials prepare to kick off their Jackson Hole symposium.
• The S&P 500 and the Nasdaq Composite could mark a second straight session of gains.

US stocks were mixed Thursday, with investors setting up the S&P 500 for a second straight advance as China unexpectedly outlined billions of dollars worth of stimulus measures while US monetary policy makers prepared to kick off their annual economic symposium.

The Nasdaq Composite and the Dow Jones Industrial Average also looked poised to rise for a second consecutive session after losing ground for three days prior. Tesla was in focus as its 3-for-1 stock split went into effect.

Investors entered Thursday's trade with news that China's State Council will increase stimulus efforts by 1 trillion yuan ($146 billion) through 19 policies as China fights its slowest growth in decades.

They also waded through US economic updates including a decline in weekly jobless claims, by 2,000 to 243,000, highlighting strength in the labor market. A second reading of second-quarter gross domestic product suggested the economy contracted by 0.6% compared with a contraction of 0.9% in the preliminary reading.

Meanwhile, Federal Reserve officials were gathering in Jackson Hole, Wyoming, to host the central bank's marquee annual conference. Fed Chair Jerome Powell will speak on Friday at 10 a.m. Eastern time.

Here's where US indexes stood at the 9:30 a.m. opening bell on Thursday:

• S&P 500: 4,151.12, up 0.25%
• Dow Jones Industrial Average: 32,894.03 , down 0.23% (75.20 points)
• Nasdaq Composite: 12,503.82, up 0.58%

"I think he's going to say, 'Our view is that the Fed has some scar tissue,' Keith Lerner, co-chief investment officer at Truist Advisory Services, told Insider. "The last two decades they haven't had to worry about inflation, really," he said. "Just like they were slow to increase rates, I think they're going to be slow to pivot to the other side in a meaningful way," he said.

Lerner said the S&P 500 is in a period of consolidation after its summer bear-market rally. "Short-term rates may stay higher. Enemy number one today is inflation," for the Fed. "[Powell] could say something that the market likes but our bigger point of view is that the Fed in the first half of 2023 is still unlikely to cut rates and if they do, that's probably more of a sign that the economy is deteriorating at a fast pace."

The 2-year yield, a short-term rate sensitive to Fed policy changes, slipped to 3.37%. The longer-term 10-year Treasury yield nudged up to 3.11%. Yield curve inversion is widely seen as a recession indicator.

Around the markets, markets guru Harry Dent foresees a 40% drop in the Nasdaq and an economic depression.

Warren Buffett's Berkshire Hathaway logged a $4 billion gain on Occidental Petroleum in under six months as the energy stock surged to nearly a four-year high.

Oil prices increased. West Texas Intermediate crude rose 0.6% to $95.46 per barrel. Brent crude, the international benchmark, picked up 0.8% to $101.13.

Gold rose 0.7% to $1,773.50 per ounce. Bitcoin was 0.1% higher at $21,712.04.