Wall Street's main indexes opened lower on Wednesday after a hotter-than-expected inflation report boosted bets of an interest rate hike this month, while investors parsed more big bank earnings.
The Dow Jones Industrial Average fell 85.11 points, or 0.16%, at the open to 51,584.99. The S&P 500 fell 31.3 points, or 0.40%, at the open to 7,774.18, while the Nasdaq Composite dropped 172.7 points, or 0.63%, to 27,031.64 at the opening bell.
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US stocks: US market slides as hot CPI data fuels rate-hike bets; chips, banks weigh
Wall Street's major indices took a hit as an inflation report outpaced forecasts, sparking heightened speculation about rate increases. Investors are closely reviewing earnings from key banks, highlighting concerns over escalating inflation. The notable market fluctuations suggest a likelihood of rising interest rates as the economy continues to be assessed.
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