Stocks Opened Lower admid Rate-hike Uncertainty

U.S. stocks opened lower on Friday as investors wrestled with the possibility that the Federal Reserve could move to raise interest rates soon. The Dow Jones Industrial Average lately fell 98.82 points, or 0.53%, to 18,498.88. The S&P 500 declined 10.60 points, or 0.48%, to 2,176.42. The Nasdaq Composite dropped 17.51 points, or 0.33%, to 5,222.64.

Oil prices eased back on Friday as investors stepped in to take some profits, with Brent fighting to stay $50 and U.S. crude prices hovering atop $48. Light, sweet crude futures for delivery in September traded flat at $48.21 a barrel. October Brent crude fell $0.23, or 0.4%, to $50.68 a barrel.

Foot Locker Inc. (FL) reported fiscal second-quarter profit and sales that beat expectations. For the quarter ended July 30, earnings rose to $127 million, or 94 cents a share, from $119 million, or 84 cents a share, in the same period a year ago.

Deere & Co., the world’s largest agricultural equipment maker, raised its full-year profit forecast after cutting production and costs to adapt to weaker demand for tractors and combines.