Wall Street heading lower after inflation-fueled selloff

By The Associated Press

NEW YORK (AP) — U.S. markets were heading for a lower open on Friday, following the previous day’s sell-off spurred by news that inflation in the U.S. jumped to levels not seen since the early 1980s. Future contracts for the Dow Jones Industrials and S&P 500 both slid 0.2% in premarket trading. Benchmarks fell in London, Paris and Hong Kong. Investors believe the Federal Reserve and other central banks may need to move faster in raising interest rates to tamp down sizzling prices. Consumer prices rose at an annual rate of 7.5% last month, the fastest pace since 1982.