04:54 PM EST, 11/15/2024 (MT Newswires) -- US benchmark equity indexes closed lower Friday as markets assessed remarks by Federal Reserve officials and the latest economic data.

The Nasdaq Composite declined 2.2% to 18,680.1, while the S&P 500 fell 1.3% to 5,870.6. The Dow Jones Industrial Average lost 0.7% to 43,445. Technology saw the steepest decline among sectors, down 2.5%, while utilities led the gainers.

For the week, the Nasdaq declined 3.2%, and the S&P 500 shed 2.1%. The Dow decreased 1.2%.

Chicago Fed President Austan Goolsbee said policymakers are on track to achieve their economic targets and can continue to ease monetary policy, CNBC reported.

Boston Fed President Susan Collins said late Thursday that a reduction in interest rates next month is "certainly on the table, but it's not a done deal," The Wall Street Journal reported.

On Thursday, Fed Chair Jerome Powell said the US economy is "not sending any signals that we need to be in a hurry" to cut rates.

The probability that the Federal Open Market Committee will lower interest rates by 25 basis points next month dropped to 58% Friday from 72% Thursday, according to the CME FedWatch tool. The odds of rates remaining unchanged rose to 42%.

The US 10-year yield increased 2.5 basis points to 4.45% Friday, while the two-year rate advanced 1.3 basis points to 4.31%.

In economic news, US retail sales increased more than expected in October, aided by a jump in auto purchases, while the September reading saw an upward revision, government data showed.

US industrial production decreased for the second consecutive month in October amid a now-resolved strike at plane maker Boeing ( BA ) and the impact of two hurricanes, according to Fed data.

Industrial production this month is likely to get a boost from the resolution to the strike and fading hurricane effects, though motor vehicle and parts output is not expected to "bounce back soon," Oxford Economics said.

New York manufacturing activity rebounded in November to its highest reading in nearly three years as orders and shipments swung into positive territory, the New York Fed said.

West Texas Intermediate crude oil fell 2.5% to $67.02 a barrel Friday. Prices were headed for a weekly loss amid concerns around "waning" demand in China, D.A. Davidson said in a note to clients.

In company news, Applied Materials ( AMAT ) shares slumped 9.2%, the worst performer on the S&P 500 and the Nasdaq, as the semiconductor equipment supplier issued a downbeat quarterly revenue outlook late Thursday.

FuelCell Energy ( FCEL ) said Friday it will cut 17% of its workforce as part of a global restructuring plan aimed at reducing costs amid slower-than-expected clean energy investments. The company's shares tumbled 12%.

Palantir Technologies ( PLTR ) shares jumped 11%, the best performer on the S&P 500. Late Thursday, the software maker said it will transfer the listing of its class A common shares to the Nasdaq Global Select Market from the New York Stock Exchange, effective Nov. 26.

Walt Disney ( DIS ) was the top gainer on the Dow and among the best on the S&P 500, up 5.5%, after jumping 6.2% on Thursday, when it reported a fiscal fourth-quarter beat.

Gold fell 0.3% to $2,566.40 per troy ounce, while silver lost 0.8% to $30.32 per ounce.