ASX set to fall sharply as Fed officials talk down rate cuts

Wall Street drifted through mixed trading on Friday to put a quiet end to another rocking week, but comments from Fed officials about the likelihood of interest rate cuts dampened investor enthusiasm. The S&P 500 faded into the close to finish nearly unchanged for the day, down less than 0.1 per cent, at 4,719.19. The Dow Jones, which tracks a smaller slice of the US stock market, rose 0.2 per cent, to 37,305.16 and set a record for the third straight day. The Nasdaq composite climbed 0.4 per cent. Comments by Fed Bank of New York President John Williams that it was too soon to be talking about rate cuts saw stocks retreat late in…