US stocks open lower as CPI underlines inflation fears – MarketWatch

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U.S. stocks opened solidly lower on Wednesday, suggesting major indexes would snap a three-day streak of gains, after the latest data on inflation underlined concerns that the Federal Reserve could become more aggressive in raising interest rates. The Dow Jones Industrial Average DJIA, +0.19% fell 120 points, or 0.4%, to 24,535. The S&P 500 SPX, +0.39% lost 9 points to 2,655, a drop of 0.3%. The Nasdaq Composite Index COMP, +0.82% shed 27 points to 6,986, a decline of 0.4%. In the latest economic data, the consumer price index rose by its highest amount in five months in January. That builds on a recent spike in wage growth, which triggered concerns about inflation returning to the economy. That fear was enough to spark a sharp decline in stocks, taking both the Dow and the S&P into correction territory. Separately, U.S. retail sales fell 0.3% in January, the largest drop in almost a year, adding to concerns about the state of the economy. In company news, Fossil Group Inc. FOSL, +62.50% soared 78% after it reported earnings that topped forecasts. Chipotle Mexican Grill CMG, +15.67% added 12% a day after naming a new chief executive.