Wall St. dips as investors assess rate outlook

U.S. stocks edged lower on Friday, led by declines in utility shares as investors weighed prospects for an interest rate increase in the coming months. The telecommunications index , also sensitive to changes in interest rates, fell 0.9 percent. San Francisco Federal Reserve Bank President John Williams late on Thursday said if the U.S. central bank waited too long to raise rates, it could be costly for the economy and that a possible rate hike in September should be in play.