Main U.S. indexes dropped as investors fretted that better-than-expected service-sector activity could point to Fed hiking interest rates for longer.
All major Wall Street indexes notched a second straight week of gains on Friday, with the S&P 500 rising 2.7%, the Dow gaining 2% and the Nasdaq climbing 2.8% in the last two weeks.
"We have had a nice rally and so that's giving investors a bit of a chance to take some profits and readjust their portfolio as the year-end approaches," said Peter Cardillo, chief market economist at Spartan Capital Securities.In other economic data this week, investors will also monitor weekly jobless claims, producer prices and the University of Michigan's consumer sentiment survey for more clues on the health of the U.S. economy.
were also hit hard, down 2.5%. Although bank profits are typically boosted by rising interest rates, they are also sensitive to concerns about bad loans or slowing loan growth amid an economic downturn. Reporting by Shubham Batra, Ankika Biswas, Johann M Cherian and Devik Jain in Bengaluru and David French in New York; Editing by Anil D'Silva, Shounak Dasgupta and Lisa Shumaker
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