04:48 PM EST, 11/14/2025 (MT Newswires) -- The Dow Jones Industrial Average fell Friday amid growing anxiety around the Federal Reserve's next interest rate move.

The Dow shed 0.7% to 47,147.5, closing lower for a second day in a row. The S&P 500 lost 0.1% to 6,734.1, while the Nasdaq Composite edged up 0.1% to 22,900.6.

Most sectors ended in the red, led by materials, while energy saw the biggest gain.

For the week, the Dow gained 0.3% and the S&P 500 edged 0.1% higher. The Nasdaq dipped 0.5%.

As the US federal government reopened following a record-long shutdown, the focus shifted to a potential resumption of economic data releases. October's producer inflation and retail sales reports, originally scheduled for a Friday release, were delayed, adding to a backlog of pending data releases.

On Friday, the Bureau of Labor Statistics said the September jobs report that was delayed due to the shutdown will be released next Thursday.

The probability that the central bank's Federal Open Market Committee will cut interest rates by 25 basis points next month fell to 46% Friday from 50% Thursday and 94% a month ago, according to the CME FedWatch tool.

"For the first time since the Fed resumed rate cuts in September, markets are split on whether another trim is likely in December," Sal Guatieri, senior economist at BMO Capital Markets, said in a report Friday. "Futures markets flipped from pricing in nearly two-thirds odds of a reduction to less than a coin flip heading into the weekend."

Kansas City Fed President Jeffrey Schmid said Friday that inflation remains too hot, cautioning that additional interest rate cuts may stoke price pressures.

"My view is that with inflation still too high, monetary policy should lean against demand growth to allow the space for supply to expand and relieve price pressures in the economy," Schmid said in prepared remarks for delivery in Colorado.

On Wednesday, Atlanta Fed President Raphael Bostic said the Fed should keep its monetary policy steady until there's "clear evidence" that inflation is approaching the central bank's 2% goal. On Oct. 31, Dallas Fed President Lorie Logan also expressed opposition to further easing.

"Back in September, a slim majority of (FOMC) members expected another move in December, but now, some seem to be having second thoughts," Guatieri said. "Several officials, including a few not typically of hawkish persuasion, have signaled they are uncommitted to easing further, aligning with Chair (Jerome) Powell's earlier warning that a follow-up rate cut is 'far from' a done deal."

US Treasury yields were higher, with the 10-year rate up 2.5 basis points at 4.15% and the two-year rate rising 1.5 basis points to 3.62%.

West Texas Intermediate crude oil jumped 2.1% to $59.94 a barrel.

"Oil prices climbed, boosted by supply fears after the Black Sea port of Novorossiysk halted oil exports following a Ukrainian drone attack that hit an oil depot in the major Russian energy hub," D.A. Davidson said in a note to clients.

Switzerland has reached a trade deal with the Trump administration under which US tariffs will be lowered to 15%, the Swiss government said in a post on social media site X. The US previously reportedly announced a 39% tariff rate for Switzerland.

In company news, Walmart ( WMT ) said Doug McMillon will retire as chief executive at the end of January, with the head of the retail giant's US operations and long-time company executive, John Furner, set to replace him. Walmart ( WMT ) shares were down 0.1%.

StubHub ( STUB ) shares plunged 21%. The ticketing marketplace for live events late Thursday posted a third-quarter loss and didn't provide guidance for the current quarter.

Merck ( MRK ) said Friday it agreed to acquire immunotherapy developer Cidara Therapeutics ( CDTX ) in a deal worth about $9.2 billion as it aims to expand its respiratory portfolio. Cidara shares soared nearly 105%, while Merck ( MRK ) was little changed.

Nvidia ( NVDA ) rose 1.8%, the top gainer on the Dow, rebounding from a 3.6% slump on Thursday. Wedbush Securities said on Friday that the chipmaking giant's fiscal third-quarter results will likely exceed Wall Street's estimates, reflecting robust artificial intelligence-linked capital spending by hyperscalers.

Nvidia ( NVDA ), which will release its third-quarter results next Wednesday, and other tech stocks tied to AI have come under pressure of late amid concerns about lofty valuations.

Gold dropped 2.6% at $4,085.70 per troy ounce, while silver lost 5% to $50.50 per ounce.