Chipotle says chief marketing and strategy officer Mark Crumpacker to resign effective Thursday

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Breaking

U.S. stocks open lower as CPI underlines inflation fears

U.S. stocks opened solidly lower on Wednesday, suggesting major indexes would snap a three-day streak of gains, after the latest data on inflation underlined concerns that the Federal Reserve could become more aggressive in raising interest rates. The Dow Jones Industrial Average fell 120 points, or 0.4%, to 24,535. The S&P 500 lost 9 points to 2,655, a drop of 0.3%. The Nasdaq Composite Index shed 27 points to 6,986, a decline of 0.4%. In the latest economic data, the consumer price index rose by its highest amount in five months in January. That builds on a recent spike in wage growth, which triggered concerns about inflation returning to the economy. That fear was enough to spark a sharp decline in stocks, taking both the Dow and the S&P into correction territory. Separately, U.S. retail sales fell 0.3% in January, the largest drop in almost a year, adding to concerns about the state of the economy. In company news, Fossil Group Inc. soared 78% after it reported earnings that topped forecasts. Chipotle Mexican Grill added 12% a day after naming a new chief executive.

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