S&P 500, Dow Open Lower on Inflation Fears; Powell-Biden Talks in Focus

May 31, 2022Updated: May 31, 2022

The S&P 500 and Dow opened lower on Tuesday as soaring oil prices and hawkish comments from a Federal Reserve official spooked investors, with focus turning to talks between President Joe Biden and Fed Chair Jerome Powell later in the day.

The Dow Jones Industrial Average fell 52.37 points, or 0.16 percent, at the open to 33,160.59. The S&P 500 opened lower by 7.15 points, or 0.17 percent, at 4,151.09, while the Nasdaq Composite gained 6.41 points, or 0.05 percent, to 12,137.54 at the opening bell.