There's finally some action in the stock market again

There's finally a bit of action in the stock market again.

Stocks are lower in trading on Friday, and the S&P 500 could break its long streak of quietness.

Amid the sell-off, the benchmark index fell by more than 1% in early trading. It has not closed by more or less than that amount since the sell-off after the UK referendum, or 53 straight trading days.

This narrow trading range brought an eerily quiet summer to Wall Street, which typically slows down around that time of year.

At 10 a.m. ET, the Dow was down 149 points, or 0.8%, while the tech-heavy Nasdaq was off 44 points, or 0.85%.

Earlier on Friday, Boston Fed President Eric Rosengren said in a speech that the Federal Reserve risks overheating the economy if it delays raising rates. That added to evidence that the Fed is likely to keep its word by raising its benchmark rate at least once this year. The odds of a rate hike this year rose to over 60% on Friday, according to Bloomberg.

Crude oil was also trading lower, with West Texas Intermediate crude futures down as much as 2.3% to $46.47 per barrel. Oil gained 3% on Thursday after data from the Energy Information Administration showed the biggest weekly drop in inventories since 1999.

Treasurys fell, with the yield on the 10-year note up five basis points to 1.668%. The German 10-year yield turned positive for the first time since July 22.

Investing.com