US stocks edged lower on Wednesday after a hotter-than-anticipated inflation data dampened hopes of the interest rates cut in June by the Federal Reserve.
At the opening bell, the Dow Jones Industrial Average fell 221.39 points, or 0.57 per cent, to 38,662.28. The S&P 500 was lower by 42.03 points, or 0.81 per cent, at 5,167.88, while the Nasdaq Composite dropped 202.63 points, or 1.24 per cent, to 16,104.01.
US consumer prices rose 0.4 per cent in March, translating into a 3.5 per cent annual consumer price index (CPI), the US government data showed.
US Treasury yields jumped after the inflation data was released.
The yield on the 10-year Treasury jumped to 4.47 per cent from 4.36 per cent late on Tuesday. The 2-year yield climbed to 4.93 per cent from 4.74 per cent.
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Published: 10 Apr 2024, 07:41 PM IST