(Corrects Dec. 18 report to change name of firm to Polaris Greystone Financial Group from Polaris Wealth Advisers in paragraph 4)
* Boeing biggest drag on Dow
* Disney falls after rating cut
* Indexes down: Dow 1.15 pct, S&P 0.88 pct, Nasdaq 0.62 pct
By Abhiram Nandakumar
Dec 18 (Reuters) - Wall Street was lower in morning trading, with the Dow shedding about 200 points, on “quadruple witching” Friday as crude prices headed for their third straight weekly loss.
Volatility was slightly higher than usual on account of “quadruple witching,” the expiry of options on stocks and indexes as well as futures on indexes and single stocks.
Still, the S&P 500 and Nasdaq were set for their best weekly performance in a month, helped by gains before the Federal Reserve’s interest rate hike on Wednesday.
“I look at it as purely a sentiment-driven market. There’s no new news that’s any kind of substance that’s driving this,” said Jeff Powell, managing partner of Polaris Greystone Financial Group in California.
“I think they will continue to trend as they are right now,” he said.
At 11:02 a.m. ET (1602 GMT), the Dow Jones industrial average was down 201.6 points, or 1.15 percent, at 17,294.24, the S&P 500 was down 17.99 points, or 0.88 percent, at 2,023.9 and the Nasdaq Composite index was down 30.87 points, or 0.62 percent, at 4,971.68.
Nine of the 10 major S&P sectors were lower, led by the interest rate-sensitive utilities sector’s 1.78 percent fall.
Boeing’s 3 percent fall weighed the most on the Dow, while Microsoft weighed on the S&P and Nasdaq with a 1.1 percent decline.
Disney was down 2.9 percent at $108.79, after BTIG downgraded the stock to sell.
Global markets fell on Friday, with investors turning wary about the impact of a stronger dollar and weakening commodity prices on the global economy.
The dollar index, however, shed some of its post-Federal Reserve rate hike gains, after the Bank of Japan reorganized its stimulus program.
Merck shares were down 1.1 percent at $52.10 after it said a European Commission decision on one of its key drugs was delayed.
Among the bright spots, Darden Restaurants was up 6 percent at $61.91 after the Olive Garden restaurant chain owner raised its full-year profit forecast.
Carnival Corp shares were up 3.4 percent at $52.16, after its quarterly results.
Richmond Fed President Jeffrey Lacker is scheduled to speak at 12:30 p.m. ET.
Declining issues outnumbered advancing ones on the NYSE by 1,704 to 1,215. On the Nasdaq, 1,439 issues fell and 1,180 advanced.
The S&P 500 index showed one new 52-week high and 24 new lows, while the Nasdaq recorded 14 new highs and 74 new lows. (Reporting by Abhiram Nandakumar and Aastha Agnihotri in Bengaluru; Editing by Don Sebastian)