US STOCKS-Wall Street hit as defensive stocks drop ahead of Fed

miércoles 24 de agosto de 2016 11:37 GYT
 

* Yellen to speak on monetary policy on Friday

* Financials drop the least among 10 S&P sectors

* Utilities, telecoms sectors among top decliners

* Indexes down: Dow 0.23 pct, S&P 0.21 pct, Nasdaq 0.11 pct (Adds details, comments, updates prices)

By Yashaswini Swamynathan

Aug 24 (Reuters) - Wall Street was lower on Wednesday, led by declines in technology and defensive stocks as investors weighed up the possibility of a rate hike in the coming months.

The market is squarely focused on Federal Reserve Chair Janet Yellen's speech at Jackson Hole, Wyoming on Friday when she is expected to give a steer on the direction of monetary policy.

Recent hawkish comments from some Fed officials, including Vice Chairman Stanley Fischer, have raised expectations that Yellen might signal a hike in September.

All 10 major S&P 500 indexes were trading lower. The financials sector, which stands to benefit from higher rates, posted the smallest decline, of 0.07 percent.   Continuación...