U.S. stocks open sharply lower after June CPI data showed inflation was higher than expected

U.S. stocks opened sharply lower after the consumer-price index showed inflation rose in June more than expected, with the annual rate climbing to a nearly 41-year high of 9.1%. The Dow Jones Industrial Average
DJIA,
-0.67%
fell more than 350 points, or 1.2%,soon after the opening bell, while the S&P 500
SPX,
-0.45%
fell 1.3% and the Nasdaq Composite
COMP,
-0.15%
dropped 1.7%, FactSet data show, at last check. The U.S. Bureau of Labor Statistics said Wednesday that the consumer-price index rose 1.3% in June, bringing the inflation rate over the past year to 9.1%. Economists polled by the Wall Street Journal forecast the CPI data would show a monthly rise of 1.1%. In the bond market, the yield on the 10-year Treasury note
TMUBMUSD10Y,
2.977%
was up about 7 basis points at 3.03%, FactSet data show, at last check.