Wall St. set to open modestly lower as rate hike timing weighs

Stronger-than-expected jobs data for May and a pickup in wages were the latest signs of improved momentum in the economy, prompting expectations of a rate hike sooner rather than later. While the Fed is broadly expected to raise interest rates this year, the timing of the move has kept the market on tenterhooks. Wall Street's top banks said they expect the Fed to begin raising rates in September, followed by another increase before the end of the year, according to a Reuters poll.