Market Reaction to Inflation Data and Powell's Testimony

US stock markets experienced a downturn this Wednesday, reacting to the latest inflation figures which exceeded expectations. The anticipation of Federal Reserve Chair Jerome Powell's ongoing testimony before Congress also contributed to the market's cautious stance. Later in the day, earnings reports from several tech companies, including Robinhood Markets Inc., are expected to shed more light on the sector's performance.

Indexes and Key Stocks Performance

At the opening bell, the Dow Jones Industrial Average saw a decrease of 0.81%, or 359 points, with The Home Depot Inc. leading the decline by dropping 2.60%. Similarly, the Nasdaq 100 fell by 1.01%, or 219 points, as Micron Technology Inc. plunged by 5.34%. The S&P 500 wasn't spared either, dropping 0.92%, with Wabtec Corp. seeing an 8.32% decrease.

Currency Movements

In the currency markets, the euro experienced a slight decline against the dollar, losing 0.16% to trade at $1.03465.