US stocks close lower, post weekly gains

US stocks ended Friday’s session lower, weighed down by Federal Reserve Chair Kevin Warsh’s indication that an interest-rate hike could be possible, though Wall Street still finished the week with gains.

The Dow Jones Industrial Average closed the week 0.53% higher at 53,559 points.

The broader S&P 500 fell 0.25%, or 19 points, to 7,711, while the Nasdaq Composite declined 0.52%, or 138 points, to 26,402. However, both indexes posted weekly gains of 0.49% and 0.85%, respectively.

Across the Atlantic, the STOXX Europe 600 rose 0.51% to 655 points, gaining 0.15% over the week.

The UK’s FTSE 100 advanced 0.29% to 10,824, Germany’s DAX gained 0.77% to 26,569, and France’s CAC 40 rose 0.98% to 8,401.

In Japan, the Nikkei 225 climbed 0.41% to 66,405, while the broader TOPIX rose 0.72% to 4,146.

Brent crude futures for October delivery fell 0.43%, or 39 cents, to $89.31 a barrel.

USNYMEX crude futures for October delivery declined 0.16%, or 13 cents, to $83.40 a barrel.

Gold futures for December delivery fell 2.87%, or $134.10, to $4,529.90 an ounce.

What drove the markets?

Warsh’s remarks at the Jackson Hole symposium boosted bets on a rate hike in September, weighing on technology stocks and pushing Treasury yields higher.