Inflation Data and Nvidia Results Move Wall Street Lower

Wall Street's main indexes opened lower on Wednesday after hotter-than-expected inflation data was released. This data reinforced bets that the Federal Reserve will raise interest rates again this year, as investors awaited results from AI chip leader Nvidia later in the day.

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

Inflation data was a key focus for investors on Wednesday. The release of hotter-than-expected numbers reinforced bets that the Federal Reserve will raise interest rates again this year. Nvidia's results later in the day were also closely watched, as the company is a leader in AI chip technology.