Market Opens Lower Amid Inflation Concerns

On Wednesday, the US stock market witnessed a downturn as the latest inflation data came in slightly above expectations. This development has put investors on edge, especially with Federal Reserve Chair Jerome Powell's ongoing testimony before Congress. The anticipation of earnings reports from major technology companies, including Robinhood Markets Inc., added to the day's cautious trading atmosphere.

Indexes and Stocks Performance

The Dow Jones Industrial Average saw a decline of 0.81%, shedding 359 points, with The Home Depot Inc. experiencing a notable drop of 2.60% by 9:32 am ET. Similarly, the Nasdaq 100 decreased by 1.01%, losing 219 points, as Micron Technology Inc. plummeted by 5.34% at 9:33 am ET. The S&P 500 wasn't spared either, dropping by 0.92%, with Wabtec Corp. sliding by 8.32% at the same time.

Currency Movements

In the currency markets, the euro weakened against the dollar, losing 0.16% to trade at $1.03465 by 9:28 am ET.