Wall Street declines after Fischer's hawkish stance on rates

Fischer's comments came shortly after Fed Chair Janet Yellen said the case for increasing interest rates had strengthened, but did not indicate when the Fed would raise rates. Following the comments, traders raised the odds of a hike in September to 30 percent from the 21 percent-chance they priced in after Yellen's remarks, according to CME Group's FedWatch tool. The odds before Yellen spoke stood at 18 percent.