03:51 PM EST, 11/15/2024 (MT Newswires) -- US benchmark equity indexes were lower ahead of Friday's close as markets assessed remarks by Federal Reserve officials and the latest economic data.

The Nasdaq Composite was down 2.4% at 18,648.4, while the S&P 500 fell 1.5% to 5,861.3. The Dow Jones Industrial Average lost 0.8% to 43,416.1. Among sectors, technology saw the steepest decline, while utilities paced the gainers.

Chicago Fed President Austan Goolsbee said policymakers are on track to achieve their economic targets and can continue to ease monetary policy, CNBC reported. "To me, the conditions on the dual mandate side are looking pretty balanced," Goolsbee reportedly said "So we should be thinking over the next year, year and a half, the rates need to come down."

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.

The US 10- and two-year yields rose 1.5 basis points and 1.1 basis points to 4.44% and 4.30%, respectively.

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, Fed data showed.

West Texas Intermediate crude oil fell 2.5% to $66.97 a barrel.