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Wall Street ends lower on Fed comments

Wednesday, 17 Aug 2016 07:08:22 | Sue Lannin

Stocks fell as US Fed comments indicated interest rates may rise. (Brendan McDermid,file photo: Reuters)

Wall Street has tumbled from record highs after comments from US central bank officials indicated that interest rates could increase this year.

Markets at 8:18am (AEST):

  • ASX SPI 200 futures down 0.1 per cent to 5,482
  • AUD: 76.9 US cents, 59 British pence, 77.1 Japanese yen, 68.2 euro cents
  • US: S&P 500 down 0.6 per cent to 2,178, Dow Jones down 0.5 per cent to 18,552, Nasdaq down 0.7 per cent to 5,227
  • Europe: FTSE down 0.7 per cent to 6,894, DAX down 0.6 per cent to 10,677, CAC 40 down 0.8 per cent to 4,460
  • Commodities: West Texas crude up to $US46.52 a barrel, iron ore up to $US61.80 a tonne, gold traded sideways at $US1,346 an ounce.

New York Federal Reserve Bank president William Dudley said a rate hike in September was possible, while Atlanta Fed president Denis Lockhart flagged the US economy was likely strong enough for at least one rate increase before the end of 2016, with two a possibility, according to Reuters.

US stocks have risen to record highs, buoyed by investor optimism that interest rates will remain low. It closed at a fresh record high in the previous session.

In Europe, shares pulled back from seven-week highs, pulled down by industrial stocks and as the euro rose.

Volkswagen lost ground after reports that the US Department of Justice found evidence of criminal behaviour as part of an investigation into the emissions cheating scandal.

Australian stocks are expected to follow overseas leads lower, as investors also eye a raft of results from companies including CSL and QBE.

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