STOCK MARKET NEWS: Stocks plunge as inflation rises 8.3% in August

The major U.S. stock averages opened lower after a government report on consumer prices showed higher than expected inflation. Declining gasoline prices were offset by gains in the costs of rent and food, giving cover for the Federal Reserve to deliver another hefty interest rate increase next Wednesday. Core CPI rose to annualized rate of 6.3%. The Dow Jones Industrial Average fell 374.84 points, or 1.16%, at the open to 32,006.50. The S&P 500 opened lower by 73.29 points, or 1.78%, at 4,037.12, while the Nasdaq Composite dropped 357.60 points, or 2.92%, to 11,908.81 at the opening bell. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

Eureka! In Hycroft’s early efforts, the biggest exploration program there in a decade, they found it! There’s MORE gold in them thar hills. And MORE silver. And it is MUCH higher grade than previously known at the site. To my critics in the cheap seats: #AFeastOfCrowStewForYou pic.twitter.com/JdbPiq1Tkg

— Adam Aron (@CEOAdam) September 13, 2022