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Wall Street Opens Lower on Rate Hike Angst

Federal Reserve Board Chair Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington on July 27, 2022. (Elizabeth Frantz/Reuters)

U.S. stock indexes opened lower on Thursday, as investors fretted about the pace of monetary policy tightening after Federal Reserve chair Jerome Powell said the central bank is “strongly committed” to controlling inflation.

The Dow Jones Industrial Average fell 99.33 points, or 0.31 percent, at the open to 31,481.95. The S&P 500 opened lower by 19.93 points, or 0.50 percent, at 3,959.94, while the Nasdaq Composite dropped 112.05 points, or 0.95 percent, to 11,679.86 at the opening bell.