Stocks in Wall Street fell sharply at the open on Tuesday trading session after a disappointing inflation data in August that came out higher than expected.
The Dow Jones Industrial Average plunged more than 865 points or 2.67% to 31,515.81 points. The S & P 500 fell 3.09% to 3,983.49 points, and the tech heavy Nasdaq Composite dropped 3.99% to 11,776.89 points.
Earlier today, the Labor Department announced that the U.S. inflation data in August rose 8.3% year-on-year and 0.1% since last month. The figure came down from its peak of 9.1% in June and a 8.5% reading in July. Still, the data missed expectations from economists and analysts for a 8.1% rise in August.
Meanwhile, core inflation which excludes volatile oil and food prices rose 6.3% YoY from 5.9% in July and 6.1% expected. The figure rose 0.6% from the previous month, compared to 0.3% expected.