HomeMarketsDow opens higher after CPI-fueled rout

Dow opens higher after CPI-fueled rout

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Wall Street‘s main indexes opened higher on Wednesday following a sharp selloff in the previous session after red-hot inflation data fanned worries about how much and how long the U.S. Federal Reserve will hike interest rates.

The Dow Jones Industrial Average rose 36.05 points, or 0.12%, at the open to 31,141.02.

The S&P 500 opened higher by 8.04 points, or 0.20%, at 3,940.73, while the Nasdaq Composite gained 46.83 points, or 0.40%, to 11,680.41 at the opening bell.

The three major indexes on Tuesday posted their biggest one-day percentage declines since June 2020, as the consumer price report cemented bets that the U.S. central bank will go ahead with its third straight 75 basis points increase in rates next week.

Markets are also pricing in a 37% chance of a massive 100 bps increase by the central bank, and expects rates to peak at 4.34% by March 2023.

In the latest data, monthly U.S. producer prices dipped 0.1% in August, while it rose 8.7% year-on-year in August from 9.8% in July. Economists polled by Reuters had forecast the PPI edging up 0.1% and increasing 8.8% year-on-year.

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