U.S. equities traded lower on Friday as concerns the Federal Reserve might raise interest rates this month loomed following comments made by key Fed officials. “The Fed is clearly on a choreographed path; it wants to raise rates this year,” said Art Hogan, chief market strategist at Wunderlich Securities. “What the market is trying to re-calibrate is whether that means September or December.”
“You’ve also had some lingering disappointment from Mario Draghi disappointing,” he said. The Dow Jones industrial average fell about 300 points lower, with 3M and Boeing contributing the most losses. “The commentary from a voting member that the Fed may be forced to raise rates is important,” said Kim Forrest, senior equity analyst at Fort Pitt Capital. “I think the market needs to understand that there may be a rate hike coming. Whether it’s September or December, it doesn’t matter big picture.” READ MORE