• US stocks fell Friday as investors reassess the Fed pivot trade that's carried stocks higher in recent weeks.

• The S&P 500 and the Nasdaq Composite could mark their first weekly decline after four weeks of gains.

• GM will start paying its quarterly dividend again and Bed Bath & Beyond shares sank.

US stocks fell Friday as risk aversion set in after Federal Reserve officials voiced support for another large rate hike at next month's policy meeting, with the hawkish comments coming before the central bank's Jackson Hole symposium next week.

The S&P 500 and the Nasdaq Composite were on track to post their first weekly loss after four consecutive weeks of gains.

The US Dollar Index climbed to a fresh one-month high following hawkish comments from Fed officials this week. St. Louis Fed President James Bullard on Thursday said he'd look to raise interest rates by 75 basis points in September, adding that policy makers shouldn't "drag out" raising rates into next year. San Francisco Fed President Mary Daly on Thursday said rate hikes of 50 basis points or 75 basis points next month would be "reasonable" and suggested the Fed could keep raising rates into 2023.

Here's where US indexes stood at the 9:30 a.m. opening bell on Friday: 

•  S&P 500: 4,256.35, down 0.64%

• Dow Jones Industrial Average: 33,794.18, down 0.60% (204.86 points)

• Nasdaq Composite: 12,850.37, down 0.89%

"The story into the end of the week is all about a repricing of Fed expectations," currency exchange LMAX said on its blog. Investors had been looking for more accommodative messaging from the Fed after July inflation cooled to 8.5% from 9.1% in June. "And yet, this hasn't been the case. We've continued to hear hawkish speak out from Fed officials and the market is considering the possibility that the Fed pivot trade may be the wrong way to go, and that the Fed won't be looking to cut rates next year at all," LMAX said.

The Fed has raised rates by a hefty 75 basis points at its previous two meetings. The Federal Reserve Open Market Committee's next monetary policy meeting is scheduled for September 20-21. Fed Chairman Jerome Powell will speak next Friday at the central bank's Economic Policy Symposium in Wyoming.

Around the markets, General Motors shares rose after the automaker said it will resume paying a quarterly dividend, which it suspended as the COVID-19 pandemic was unfolding. It will also resume share repurchases, with the board increasing its buyback capacity to $5 billion from the $3.3 billion that had remained under its existing program.

Meme stocks were in focus with Bed Bath & Beyond plunging after Ryan Cohen, the retailer's second-largest shareholder, dumped his entire stake for a $68 million profit. Other speculative parts of financial markets were under pressure, with bitcoin sliding under $22,000.

Middle Eastern states like Saudi Arabia will land a $1.3 trillion windfall from soaring oil prices, according to the IMF. Meanwhile, Myanmar is buying Russian oil, calling it "high-quality" and cheap.

Oil prices fell. West Texas Intermediate crude lost 2.1% to $88.64 per barrel. Brent crude, the international benchmark, declined 2.2% to $94.50.

Gold slipped 0.3% at $1,766.40 per ounce. The 10-year Treasury yield rose 9 basis points to 2.95%.

Bitcoin fell 8.4% to $21,144.10. 

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