US: Wall Street opens lower on rate hike worries

WALL STREET'S main indexes opened lower on Thursday (May 12), led by growth stocks, as investors worried that aggressive interest rate increases to curb decades-high inflation could tip the economy into recession.

The Dow Jones Industrial Average fell 135.07 points, or 0.42 per cent, at the open to 31,699.04. The S&P 500 opened lower by 31.23 points, or 0.79 per cent, at 3,903.95, while the Nasdaq Composite dropped 164.98 points, or 1.45 per cent, to 11,199.25 at the opening bell. REUTERS