Stocks Opened Lower after Jump in Inflation Data

U.S. stocks opened lower on Wednesday after economic data showing consumer prices rose by highest amount in five months in January. The Dow Jones Industrial Average lately fell 88.59 points, or 0.36%, to 24,551.86. The S&P 500 lost 8.11 points, or 0.30%, to 2,654.83. The Nasdaq Composite shed 4.00 points, or 0.06%, to 7,009.51.

Oil prices fell Wednesday on the back of rising U.S. inventories and signs of rapidly increasing crude production. Brent crude was down 0.3% at $62.52 a barrel. West Texas Intermediate futures were trading down 0.7% at $58.79 a barrel.

Consumer prices rose more than expected in January. Consumer prices rose 0.5% over the prior month and 0.3% over last month on a “core” basis, which excludes the more volatile costs of food and gas, according to the latest numbers from the Bureau of Labor Statistics.

U.S. retail sales unexpectedly declined in January and December receipts were revised lower, indicating consumer demand in the first quarter may cool, according to Commerce Department figures released Wednesday. Overall sales fell 0.3%, the most since February 2017.