Devik Jain, Mehnaz Yasmin

(Reuters) – Wall Street’s major indexes opened lower Wednesday due to a rally of technology and growth stocks. However, higher oil prices fueled concerns about a rise in global inflation.

Microsoft Corp After gaining over 1% on Tuesday, (NASDAQ:), and Apple Inc (NASDAQ;) were 0.2% less in premarket trades

Rate-sensitive stocks of growth were also under threat from higher Treasury yields. The benchmark 10-year returned above 3%.

In the face of rising borrowing costs investors will focus this week on consumer price index data which is due Friday.

Markets already concerned about the U.S. Federal Reserve’s ability to balance inflation and growth as it pulls out its support for the economy during the pandemic would be likely to panic if there was a hot reading.

Wall Street was seized by volatility during recent sessions. Market participants debated whether Wall Street had reached a bottom after a strong selloff earlier this year.

Cherry Lane Investments partner Rick Meckler stated, “You will just see more choppiness. There isn’t really anything breakthrough in the market in terms of earnings or economics.”

“All we see are people changing their position and waiting to see if there is an indicator that inflation may drop in the recent past.” Investors worry about where the energy price could go.

Crude Oil was at $122/barrel on Wednesday. [O/R]

After falling by 20.05% this year, the benchmark index has increased 9.2% over May 20, after having fallen as low as 12.7% in May 20. Last year it was 12.7% lower. The blue-chip Dow fell 8.7%, while the Nasdaq (tech-heavy) has lost 22.2%.

CBOE Volatility Index was trading higher than its long-term average at about 20 points.

8.12 AM. ET fell 122 points or 0.37%. ET was down 13 points or 0.31% and ET fell 29.5 points or 0.23%.

Carnival (NYSE:) Corp slid 2.2% after Morgan Stanley (NYSE:) Reduced its price target for the stock of the cruise operator.

Intel Corp (NASDAQ:) fell 3.2% following a Citi bearish brokerage report that said Citi could issue negative pre-announcements or make second-quarter forecasts if the circumstances get worse.

Spirit Airlines (NYSE:) Inc fell 0.7% following the delay of a shareholder meeting for voting on its merger agreement with Frontier Group Holdings Inc.

Western Digital Corp (NASDAQ: ) gained 4.5% on the news that memory storage device maker, Memory Storage Devices Maker, said it was looking at options such as splitting its flash-memory/HDD businesses.

Campbell Soup Co gained 3% following an increase in core sales for the company (NYSE:) due to higher prices and strong demand for its sauces and broths.