Wall St drops at open as strong inflation stokes rate hike fears

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FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid

(Reuters) – Wall Streetโ€™s main indexes opened lower on Wednesday after stronger-than-expected inflation data fueled fears of tighter monetary policy to combat possibly a longer period of inflation.

The Dow Jones Industrial Average fell 62.8 points, or 0.18%, at the open to 34,206.40. The S&P 500 fell 21.6 points, or 0.52%, at the open to 4,130.55, while the Nasdaq Composite dropped 173.9 points, or 1.30%, to 13,215.49 at the opening bell.

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