Stocks close lower as Fed seen signaling only modest rate cut, Iran seizes tankers

Clive McKeef
Stocks close lower as Fed seen signaling only modest rate cut, Iran seizes tankers

U.S. stocks closed lower Friday following a report that Federal Reserve officials would only cut interest rates by a quarter percentage point in late July, and after Iran said it seized a British-flagged oil tanker in the Strait of Hormuz.