U.S. stocks open lower amid rising yields as investors weigh path of Fed rate hikes

U.S. stocks opened lower Friday as investors continue weighing how aggressive the Federal Reserve may need to be hiking interest rates to curb the highest inflation in decades. The Dow Jones Industrial Average was down 0.5% soon after opening bell, while the S&P 500 fell 0.6% and the Nasdaq Composite dropped 1%, according to FactSet data, at last check. The Federal Reserve Bank of St. Louis President James Bullard is leaning toward another large rate hike of three-quarters of a percentage point at the Fed’s meeting in September, according to a Wall Street Journal report Thursday. The yield on the 10-year Treasury note was up about nine basis points at around 2.97% Friday morning.

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