U.S. stocks open lower as CPI underlines inflation fears

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U.S. stocks opened solidly lower on Wednesday, suggesting main indexes would snap a three-day streak of features, after the newest knowledge on inflation underlined considerations that the Federal Reserve may turn out to be extra aggressive in elevating rates of interest. The Dow Jones Industrial Average fell 120 factors, or zero.four%, to 24,535. The S&P 500 misplaced 9 factors to 2,655, a drop of zero.three%. The Nasdaq Composite Index shed 27 factors to six,986, a decline of zero.four%. In the newest financial knowledge, the client worth index rose by its highest quantity in 5 months in January. That builds on a latest spike in wage progress, which triggered considerations about inflation returning to the economic system. That concern was sufficient to spark a pointy decline in stocks, taking each the Dow and the S&P into correction territory. Separately, U.S. retail gross sales fell zero.three% in January, the largest drop in nearly a 12 months, including to considerations about the state of the economic system. In firm information, Fossil Group Inc. soared 78% after it reported earnings that topped forecasts. Chipotle Mexican Grill added 12% a day after naming a brand new chief government.

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