Dow Drops More Than 100 Points After Hot Inflation Data Rattles Wall Street - NBC Connecticut
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Dow Drops More Than 100 Points After Hot Inflation Data Rattles Wall Street

"You got the worst-case scenario with this economic data," said Art Hogan, chief market strategist at B. Riley FBR

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    Drew Angerer/Getty Images, File
    In this file photo, traders work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, Nov. 30, 2017, in New York City.

    U.S. stocks opened lower on Wednesday after a data release showed inflation rose more than expected last month, CNBC reported. 

    The Dow Jones industrial average declined 127 points at the open. The S&P 500 fell 0.4 percent, with energy as the worst-performing sector. The Nasdaq composite pulled back 0.3 percent.

    The consumer price index rose 0.5 percent in January. Economists polled by Reuters expected a gain of 0.3 percent. Investors also digested weaker-than-expected retail sales for last month.

    "You got the worst-case scenario with this economic data," said Art Hogan, chief market strategist at B. Riley FBR. "You got a hotter-than-expected CPI number and weaker retail sales. Unfortunately, CPI gets much more focus than normal because of the wage growth number we saw" in the last jobs report.

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