Wall Street Sinks on Hot Inflation Data, Nvidia in Focus

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

The Dow Jones Industrial Average fell 29.7 points to 53,547.68 at the open, a drop of just 0.06%. The S&P 500 and Nasdaq Composite also opened lower, down 10.4 points to 7,666.88 and 51.7 points to 26,099.57 respectively.

The inflation data released on Wednesday was hotter-than-expected, which is likely to influence the Federal Reserve's decision-making process regarding interest rates. The main indexes opened lower as a result, with Nvidia being closely watched ahead of its results release later in the day.