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.

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.

Wall Street's main indexes closed lower on Thursday after Federal Reserve Chair Jerome Powell dampened investor hopes for another interest rate cut