U.S. stocks could claw back their losses, although nervousness is palpable as traders play the waiting game ahead of Federal Reserve ChairJerome Powell'sJackson Hole address on Friday. The major averages are slightly higher early Wednesday. TheCBOE Volatility Index, aka VIX, climbed more than 8% and has topped the 16 level, reflecting a slight increase in the fear sentiment. The Fed minutes due in the afternoon and the earnings reports of the day could influence trading direction.

In premarket trading on Wednesday, theSPDR S&P 500 ETF Trust(NYSE:SPY) edged up 0.03% to $558.85, and theInvesco QQQ ETF...