US Stock Market Opens Lower Amid Inflation Concerns

On Wednesday, the US stock market witnessed a downturn as the annual inflation rate slightly exceeded expectations. Investors are also keenly awaiting Federal Reserve Chair Jerome Powell's continued testimony before Congress, which could provide insights into future monetary policy adjustments.

Technology Earnings in the Spotlight

Later in the day, the financial community will turn its attention to the earnings results of several technology companies, including Robinhood Markets Inc., to gauge the sector's health and future prospects.

Market Indices Reflect Investor Caution

At 9:32 am ET, the Dow Jones Industrial Average fell by 0.81%, with The Home Depot Inc. leading the decline. Similarly, the Nasdaq 100 and the S&P 500 also experienced drops, reflecting the market's cautious stance amidst economic uncertainties.

Currency Movements

In the currency market, the euro saw a slight decrease against the dollar, trading at $1.03465 at 9:28 am ET.