Wall Street's main indexes closed lower on Friday, with the S&P 500 and Nasdaq notching their biggest one-day losses in two weeks, on concerns about slower interest-rate cuts and as investors reacted to cabinet picks by U.

Wall Street’s main indexes tumbled on Friday after Federal Reserve Chair Jerome Powell said there was no need to rush interest-rate cuts, pushing up

Swaps traders lowered the chance to less than 60% that the central bank reduces rates at their two-day gathering that wraps on Dec. 18 — from roughly 80% a day earlier.