Wall Street stocks fell early Wednesday after data showing an unexpected jump in manufacturing inflation fueled concerns about the Federal Reserve’s decision.
US wholesale inflation rose 0.7 percent on a month-on-month basis in February, well above the 0.3 percent expected.

Markets were already nervous about Wednesday’s Fed decision in light of the surge in oil prices caused by the war in the Middle East.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 46,866.13.

The broad-based S&P 500 fell 0.2 percent to 6,703.42, while the tech-rich Nasdaq Composite Index fell 0.1 percent to 22,451.80.

“The market appears poised for a more cautious Fed when it comes to cutting rates in light of rising energy prices and the ongoing war with Iran,” said Briefing.com analyst Patrick O’Hare.

“The February producer price index will only add to that perspective.”

Among individual companies, Macy’s jumped 6.9 percent after topping estimates for key holiday-season quarter results.