US stocks dip after the ECB hikes rates and Fed Chair Powell backs hawkish stance

• US stocks fell at the open Thursday as the European Central Bank announced rate hikes.
• The ECB hiked rates by 75 basis points, the biggest in its history, as it tackles persistent inflation.

US stocks fell at the open Thursday as the European Central Bank raised benchmark rates and investors digested remarks from Fed Chair Jerome Powell.

The ECB hiked rates by 75 basis points, the biggest increase in its history, as it tackles persistent inflation amid an energy crisis that is only worsening as Russia shutters gas flows via the Nord Stream pipeline.

Meanwhile, during an appearance at the Cato Institute, Powell reiterated that the Fed will do what it takes to bring down inflation, which remains near 40-year highs.

Markets are contending with the prospect of further tightening from the Fed, with Wall Street largely pricing in another 75-basis-point rate hike later this month.

Here's where US indexes stood as the market opened at 9:30 a.m. on Thursday:

• S&P 500: 3,947.80, down 0.81%

• Dow Jones Industrial Average: 31,350.99, down 0.73% (230.29 points)

• Nasdaq Composite: 31,350.99, down 1.09%

Russia is moving closer to adopting the yuan for transactions as some of the biggest banks in Moscow announced plans to start lending in the Chinese currency. Russia is also working on another alternative to international payment system SWIFT, according to lender VTB.

Elsewhere, meme stock favorite GameStop soared 12% in pre-market trading as the company announced plans to partner with FTX founder Sam Bankman-Fried.

Oil was higher, with West Texas Intermediate crude climbing 1.45% to $83.12. International benchmark Brent crude gained 0.68% and stood at $88.55.

Gold fell 0.38% to $1,711.04 an ounce. The 10-year yield climbed 2.3 basis points to 3.228%.

Bitcoin fell 1.06% to $19,088.53.