U.S. stocks edged lower on Wednesday after better-than-expected inflation data dampened hopes for a June interest rate cut by the Federal Reserve.
As of 9:35 a.m. ET, the Dow Jones Industrial Average was down 451 points, or 1.2%, the S&P 500 was down 1.1% and the Nasdaq Composite Index was down 1.1%. .
At the opening bell, the Dow Jones Industrial Average was down 221.39 points, or 0.57%, to $38,662.28. The S&P 500 Index fell 42.03 points, or 0.81%, to 5,167.88, and the Nasdaq Composite Index fell 202.63 points, or 1.24%, to 16,104.01.
U.S. consumer prices rose 0.4% in March, translating into an annual consumer price index (CPI) of 3.5%, according to U.S. government data.
U.S. Treasury yields soared following the release of inflation data.
The yield on the 10-year U.S. Treasury rose to 4.47% from 4.36% late Tuesday. The yield on two-year bonds rose to 4.93% from 4.74%.
crude oil
Oil prices rose on Wednesday as supply concerns from the Middle East flared up again.
At 1320 GMT, Brent crude futures were up 70 cents, or 0.8%, at $90.12 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 69 cents, or 0.8%, at $85. It became .92 dollars.
Bullion
Gold prices fell on Wednesday as the U.S. dollar and U.S. Treasury yields rose on stronger-than-expected inflation data.
Spot gold was down 0.6% at $2,338.19 an ounce as of 8:58 a.m. ET (12:58 p.m. Japan time). US gold futures fell 0.1% to $2,360.7.
Spot silver fell 0.5% to $28.01 an ounce after hitting a nearly three-year high on Tuesday.
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