Wall Street Falls at Open as Inflation Data Cements Rate Hike Bets

A screen is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, on March 7, 2022. (Andrew Kelly/Reuters)

Wall Street’s main indexes opened lower on Thursday after data showed consumer prices in February surged as expected, cementing the case for an interest rate hike by the Federal Reserve later this month.

The Dow Jones Industrial Average fell 179.48 points, or 0.54 percent, at the open to 33,106.77. The S&P 500 opened lower by 25.33 points, or 0.59 percent, at 4,252.55, while the Nasdaq Composite dropped 157.20 points, or 1.19 percent, to 13,098.35 at the opening bell.