NEW YORK — U.S. stocks could make modest gains next week if the Federal Reserve raises interest rates as anticipated, while major indexes continue to flirt with 5-year highs.

The delay in Windows Vista — caused by Microsoft needing more time to enhance security and other functions — will come as a blow to Microsoft partners who were looking forward to a new operating system to boost holiday sales.

Windows Vista is Microsoft's first major update to the company's flagship operating system since Windows XP was released in late 2001.

"It's not the optimal situation, to be launching the next-generation version of Windows right after the big holdiay sales season," said analyst Joe Wilcox with Jupiter Research.

The company will release some versions of the new operating system for big businesses by November as planned, but the consumer version will be postponed until January, said Jim Allchin, co-president of the Microsoft division that includes Windows.

He said the decision to delay the release came after Microsoft realized that Vista would be completed several weeks later than originally planned, largely because of efforts to improve security in the new system.

Sportswear group Nike has announced a 19% increase in third-quarter profits on the back of strong sales in its core US market.

The firm said profits rose to $325m (£186m) during the period.

Robust sales of footwear and clothing offset stagnant demand in Europe and Japan, Nike said.

Total sales increased 9% to $3.6bn, compared to $3.3bn a year ago, although margins narrowed as rising fuel costs hit home.