Business

Wall Street ends day down on interest rate worries

Wall Street sign Image copyright AP

(Closed): US markets closed lower amid uncertainty over when the Federal Reserve will next move interest rates.

The Dow Jones Industrial Average fell 45.13 points, or 0.2%, to 18552.57.

The wider S&P 500 slipped 3.15 points to 2183.87, while the Nasdaq index dropped 1.77 points to 5238.38.

Minutes from the most recent gathering of the Fed's rate-setting committee revealed a split, with two members favouring a rate rise when it next meets in September.

Investors will be searching for clues at the annual Fed symposium at Jackson Hole, Wyoming next week where its chairwoman, Janet Yellen, will give a speech.

"I think we're due for a pause here as we look for greater clarity over the next couple of weeks," said Terry Sandven, chief equity strategist at US Bank Wealth Management.

Petroleum related shares were lower on Friday. Exxon Mobil fell 1.3% and Chevron dropped 1.2%.

Among individual stocks, shares in farming equipment maker Deere rose 13.5% after it increased its full-year profit forecast.

The company's latest quarterly results beat expectations, and it says earnings for the full financial year are set to be $1.35bn, up from previous guidance of $1.2bn.

Computer chipmaker Applied Materials rose 7% after it reported a strong profit forecast for the quarter.

Shares in Nike climbed 3%. The apparel company announced it had signed a supply-chain partnership with private equity firm Apollo Global Management.