US stocks open lower on interest rate angst

New York: Wall Street stocks fell early Wednesday on persistent worries about rising US interest rates and increased inflation.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 26,316.49, down 0.4 percent.

The broad-based S&P 500 shed 0.6 percent to 2,864.15, while the tech-rich Nasdaq Composite Index slid 1.0 percent to 7,659.70.

The yield on the 10-year US Treasury bond rose again early Wednesday, this time to 3.24, exacerbating worries that higher lending costs could pinch economic growth.

The latest move higher came after US data showed wholesale inflation rose 0.2 percent in September in the largest jump since June while another closely watched measure remained at a record high.

“The data continue to show a rising trend,” said a note from High Frequency Economics.

US earnings season begins in earnest on Friday with reports from JPMorgan Chase and other large banks.