NEW YORK: Wall Street retreated on Wednesday, pulled lower by weakness in the materials and healthcare sectors as investors continued to weigh the possibility of an interest rate hike in the coming months.Healthcare shares, off 1.6 percent, saw their biggest drop since June 24. They were dragged lower by a 5.4-percent drop in Mylan to $43.15 as political pressure mounted on the company in the wake of price increases for its EpiPen allergy treatment.Materials were down 1.2 percent as names such as Newmont Mining and Freeport-McMoRan were the worst performing names on the S&P 500, losing more than 7 percent. "Of course the markets might get surprised. The markets are looking for clarity and we might not get clarity. "The benchmark S&P 500 has not seen a move of more than 1 percent in either direction on a closing basis since July 8.Expectations for a rate hike in September are at 18 percent, up from 12 percent at the end of last week, according to CME Group's FedWatch.

Source: Economic Times August 24, 2016 20:15 UTC