Wall Street's main indexes fell on Friday and were set for weekly declines as hawkish comments from Federal Reserve officials fueled worries of interest rates staying higher for longer.
"You're seeing a little bit of profit taking after a big run," said Michael James, managing director of equity trading at Wedbush Securities.
"We're clearly overbought and without proof being demonstrated by the Bulls, it is going to be a tough slog from here to make higher highs, especially with the weakness that we're seeing overseas this week."CME Group's FedWatch toolYields on the 2-year, which best reflects interest rate expectations, dropped to hover at 4.77% on Friday, in line with the European bond market following weaker-than-expected euro zone data.
On the data front, S&P Global's Purchasing Managers' Index for both U.S. manufacturing and services activity business activity fell to a three-month low in June as services growth eased for the first time this year and the contraction in the manufacturing sector deepened.
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