Wall Street sinks as inflation data spooks markets

10.08am: Proactive North America headlines: Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) set to offer 31 additional products to consumers in Saskatchewan Melkior Resources  Inc (CVE:MKR) (OTCMKTS:MKRIF) (FRA:MEK1) reports renewed drill permit for Carscallen Gold project as it announces final drill results Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) (FRA:6ZY) says it's fully funded well into 2024; lays out plans for Zygel RECONNECT trial for Fragile X patients Bragg Gaming Group (TSE:BRAG) (OTCMKTS:BRGGD) to acquire Reno-based Spin Games for US$30M to accelerate its US rollout Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) says results from first 2021 Parbec hole supports 1993 result American Battery Metals Corporation (OTCQB:ABML) announces appointment of Tiffiany Moehring as its head of Corporate Communications Fortitude Gold Corp (OTCQB:FTCO) delivers $2.4M profit on $20.7M in sales in its first quarter as a standalone company Idaho Champion Gold Mines Canada Inc (CSE:ITKO) (OTCQB:GLDRF) kicks off 2021 fieldwork at Champagne project in Idaho Dalrada Corporation (OTCQB:DFCO) says Kyle McCollum has accepted the role as the company's chief financial officer HempFusion Wellness Inc (TSE:CBD.U) (OTCQX:CBDHF) (FRA:8OO) re-ignites international sales with a $216,000 order from Dubaire-ignites international sales with a $216,000 order from Dubai Versus Systems Inc (NASDAQ:VS) (CSE:VS) (FRA:BMVB) to acquire Xcite Interactive and expand reach into television and streaming Algernon Pharmaceuticals Inc (CSE:AGN) (FRA:AGW) (OTCQB:BTHCF) reports findings from Ifenprodil Phase 2b/3 coronavirus trial may be positive for idiopathic pulmonary fibrosis (IPF) study VolitionRx Ltd (NYSEAMERICAN:VNRX) unveils robust balance sheet, progression of its Nu.Q products ahead of US launch in 1Q update unveils robust balance sheet, progression of its Nu.Q products ahead of US launch in 1Q update QC Copper and Gold  Inc (CVE:QCCU) (OTCMKTS:QCCUF) reports latest drill results from Opemiska ahead of resource estimate FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) launches brand partnership with Cash Live Bam Bam Resources Corp (CSE:BBR) (OTCPINK:NPEZF) (FRA:4NPB) hails drone survey results at Majuba Hill, which further underscore copper project's potential Jack Nathan Medical Corp (CVE:JNH) (OTCQB:JNHMF)  announces the opening of three new locations in Walmart Canada Supercentres in Western Canada 9.38am: Wall Street starts lower The main indices on Wall Street fell at the opening bell on Wednesday after higher than expected US inflation data rattled traders. In the first minutes of trading, the Dow Jones Industrial Average was down 0.4% at 34,131 while the S&P 500 dropped 0.68% to 4,123 and the Nasdaq sank 1.19% to 13,230. The drop followed data that showed the US consumer price index rose 4.2% year on year in April, up from 2.6% in March and much higher than the forecast of 3.6%. It is the largest comparable increase since September 2008. Used cars and trucks were a big part of the CPI increase, according to the Bureau of Labor Statistics. The index for that sector rose 10% in April, the largest one month increase since the index began in 1953, and this accounted for over a third of the seasonally adjusted jump. The news caused a jump in US 10 year Treasury yields, which rose to 1.643%, up from Tuesday's close of 1.619%. 7:00am: Wall Street set for slow start Wall Street is expected to get off to another downbeat start on Wednesday after yesterday's torrid session saw heavy declines. The Dow Jones Industrial Average futures are showing a 0.40% or 132 point decline to 34,137, while the S&P 500 is forecast to open 0.44% lower and the Nasdaq Composite 0.64%. Much will depend on the latest US inflation figures, due at 8.30am ET. Analysts expect the latest consumer price index to show a rise of 3.6% year on year in April, up from 2.6% in March. That would mark the highest figure since September 2011. Sophie Griffiths, market analyst at Oanda, said: "US futures are trading lower for a third straight session as investors await today's US CPI data. The equity market just can't shake off these inflation jitters, which sent stocks to close firmly in the red again on Tuesday... "A higher-than-forecast read could prompt bets that the Fed will move sooner to tighten policy pulling stocks, particularly tech stocks, sharply lower." Four things to watch for on Wednesday: Earnings today will include figures from South Korean ecommerce firm Coupang Inc (NYSE:CPNG), mobile technology group Applovin Corp (NASDAQ:APP) and web development software firm Wix.com ltd (NASDAQ:WIX) Shares in fast food chain Wendy’s Co (NASDAQ:WEN) will be in focus after the company raised its outlook for 2021 Amazon Inc (NASDAQ:AMZN) may also draw some attention after an EU court ruled the ecommerce giant was wrongfully ordered to pay €250mln in back taxes On the macro front, aside from the US inflation data investors may also be keeping an eye on speeches from a couple of Fed representatives