Midday Report: Gap Climbs on Keybanc Boost; U.S. Stocks Decline

U.S. stocks slid on renewed worries the Federal Reserve could raise rates sooner than Wall Street anticipates. Boston Fed President Eric Rosengren said the market odds for rate hikes are too low and too slow. Fed funds futures currently only place a September hike with chances greater than 50 percent. Factory orders in February slumped, marking their third decline in four months. Orders for equipment in the energy sector were sharply lower, tumbling just over 20 percent, as weaker oil prices continue to beat up the industry. Medical device maker Edwards Lifesciences (EW) - Get Report hit an all-time high after a number of Wall Street firms including JPMorgan and BTIG raised their ratings. Gap (GPS) - Get Report was higher after Keybanc upgraded to OVERWEIGHT with a $36 price target. TheStreet's Keris Lahiff has details from Wall Street.