Inflation Data Weighs on Wall Street as Nvidia Earnings Loom

Wall Street's main indexes opened lower on Wednesday after hotter-than-expected inflation data. The data reinforced bets that the Federal Reserve will raise interest rates by another quarter point this year.

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

Nvidia is set to release its results later in the day, which could give investors more insight into the tech sector's performance. The company's AI chip sales have been closely watched by analysts and investors alike.