US Stocks Slide as Inflation Data Sparks Rate Hike Bets

US stocks opened lower on Wednesday following hotter-than-expected inflation data. This reinforced bets on another quarter-point Federal Reserve rate hike this year.

The Dow Jones Industrial Average fell 29.7 points, or 0.06%, at the open to 53,547.68. The S&P 500 dropped 10.4 points, or 0.14%, at the open to 7,666.88, while the Nasdaq Composite plummeted 51.7 points, or 0.20%, to 26,099.576.

Investors are awaiting results from AI chip leader Nvidia later in the day. The release is expected to provide crucial insights into the company's performance and its impact on the market.