U.S. stocks dragged down by European markets
European stock indices closed broadly lower Wednesday following higher than expected inflation in the United Kingdom.
The U.K. CPI for July rose 10.1% annually to a 40-year high above the average forecast of 9.8% amid surging food and energy prices. European bond yields rose, and stocks fell on the news. U.S. yields are also trading higher, while stocks opened lower and are nearing intraday lows.
The next catalyst for U.S. stocks could be the 2 p.m. EST release of the minutes of the July Federal Reserve meeting. The minutes could clarify the Fed's position on future rate hikes.
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