S&P 500 Index opens in the negative territory after US inflation data

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  • Major equity indexes in the US push lower on Wednesday.
  • Defensive sectors edge higher after US inflation data.
  • Technology shares suffer heavy losses after the opening bell.

Wall Street’s main indexes opened in the negative territory on Wednesday with the October inflation data weighing on risk sentiment. As of writing, the S&P 500 Index was down 0.46% on the day at 4,663, the Dow Jones Industrial Average was losing 0.1% at 36,295 and the Nasdaq Composite was falling 1.05% at 15,711.

Reflecting the souring market mood, the CBOE Volatility Index, Wall Street’s fear gauge, is up more than 3%.

The US Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index (CPI) jumped to its strongest level since 1990 at 6.2% in October from 5.4% in September. 

Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is down 1%. On the other hand, the defensive Real Estate and Utilities indexes push higher after the opening bell. 

S&P 500 chart (daily)