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Wall Street ended lower on Friday

Equity Tips

Wall Street ended lower on Friday in a feeble end to another week of strong gains after concerns about the timing of future interest rate hikes offset gains in materials and energy stocks.

The S&P utility sector led declines, down 2.73 percent. The materials index was the biggest winner and was up for the third straight day with a 1.35 percent rise.

Federal funds futures implied traders see a 36-percent chance of the Fed raising rates in June and 53-percent chance in December, both above Thursday's levels, according to CME Group's FedWatch program.

The S&P 500 lost 0.19 percent to finish at 1,948.05 after spending much of the day in positive territory.

Shares of J.C. Penney jumped 14.71 percent after the department store operator reported better-than-expected revenue.

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