US stock market opens in negative territory as inflation hit new record

By Tuba Sahin

ANKARA (AA) - US stocks opened in negative territory Thursday as consumer inflation in February hit a new record.

The Dow Jones slipped 385.1 points, or 1.16%, to 32,910 at 9.31 a.m. EDT (1431GMT). The S&P 500 fell 49 points, or 0.14%, to 4,228.9.

The Nasdaq was off 166.1 points, or 1.25%, to 13,089.

US annual inflation rose to 7.9% in February, hitting a new 40-year high, according to Labor Department data.

The VIX volatility index rose 1.82% to 33.04.

With the expectation of faster and higher Fed rate hikes to tame inflation, the dollar index rose 0.38% to 98.33.

Precious metals clawed back from losses Wednesday with gold rising 1.05% to $2,009 per ounce and silver up 2.07% to $26.35.

Brent crude was trading at $116.7 per barrel with a 4.99% gain, while US benchmark West Texas Intermediate was at $113.33 -- up 4.26%.

The number of Americans filing first-time unemployment claims last week rose 11,000 to 227,000, according to the Labor Department.

The previous week’s level was revised up 1,000 to 216,000, it said.