S&P 500 opens lower as investors assess US inflation data

Wall Street's main indexes trade in the negative territory.
Financial shares push higher supported by rising US T-bond yields.
Technology stocks suffer heavy losses after the opening bell.

Eren Sengezer FXStreet

Major equity indexes in the US opened lower on Wednesday as investors assess the latest inflation data from the US, which showed that the annual Consumer Price Index (CPI) jumped to 4.2% in April from 2.6% in March.

As of writing, the Dow Jones Industrial Average was down 0.3% on the day at 34,180, the S&P 500 Index was losing 0.6% at 4,128 and the Nasdaq Composite was falling 1.35% at 13,169.

Reflecting the negative shift in market mood, the risk-sensitive Technology Index is losing 1.5% after the opening bell. On the other hand, the Financials Index is rising 0.6% supported by a 2.5% increase in the benchmark 10-year US Treasury bond yield. Additionally, the Energy Index is up nearly 1% as WTI clings to gains above $66.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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