Wall Street hit as defensive stocks drop ahead of Fed

The market is squarely focused on Federal Reserve Chair Janet Yellen's speech at Jackson Hole, Wyoming on Friday when she is expected to give a steer on the direction of monetary policy. Recent hawkish comments from some Fed officials, including Vice Chairman Stanley Fischer, have raised expectations that Yellen might signal a hike in September. The bigger decliners were utilities , consumer staples and telecom services , defensive sectors that have led Wall Street's rally this year as expectati