US STOCKS-Wall St declines as oil prices drop; Fed in focus

lunes 22 de agosto de 2016 11:36 GYT
 

* Fed Chair Yellen to speak at Jackson Hole on Friday

* Medivation jumps on $14 bln Pfizer deal

* Indexes down: Dow 0.29 pct, S&P 0.25 pct, Nasdaq 0.16 pct (Adds details, comments, updates prices)

By Yashaswini Swamynathan

Aug 22 (Reuters) - Wall Street was lower on Monday as oil prices fell and investors remained cautious ahead of Federal Reserve Chair Janet Yellen's speech this week.

With the earnings season coming to an end, investor focus will shift to Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming to see whether the Fed is keen on raising interest rates in the coming months.

The case for an imminent rate hike was strengthened by Fed Vice Chairman Stanley Fischer's comments that the U.S. economy was close to hitting job and inflation targets.

Traders have priced in an 18 percent chance of a rate hike for September, up from 12 percent odds seen on Friday. That measure rose to 40.6 percent for December from 39.1 percent, according to the CME Group's FedWatch tool.

Oil prices fell more than 2 percent, retreating from last week's two-month highs, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising U.S. oil rig count.   Continuación...