Wall Street Tumbles at Open as Rising Gas Prices Keep Inflation High

A person pushes a shopping cart in a supermarket in Manhattan, New York City, on March 28, 2022. (Andrew Kelly/Reuters)

U.S. stock indexes fell sharply at the open on Friday as consumer prices rose more than expected in May, dashing hopes that inflation is peaking and fanning worries about more aggressive steps by the Federal Reserve to tame it.

The Dow Jones Industrial Average fell 219.27 points, or 0.68 percent, at the open to 32,053.52. The S&P 500 opened lower by 43.43 points, or 1.08 percent, at 3,974.39, while the Nasdaq Composite dropped 210.34 points, or 1.79 percent, to 11,543.88 at the opening bell.