Major stock market indexes in the United States opened lower on Wednesday after Federal Reserve Chair Jerome Powell admitted the institution cannot predict at the moment how long the ongoing economic crisis will last. Later, the country reported a monthly decline in housing starts. Across the pond, the United Kingdom saw a significant rise in annual inflation, with Foreign Secretary Liz Truss describing the situation as "very difficult."

The Dow Jones Industrial Average opened 0.87% or 283 points lower as Walgreens Boots Alliance Inc. plummeted by 4.92% The Nasdaq 100 decreased by X1.65 or 207 points, with Dollar Tree Inc. plunging by 12.01%. The S&P 500 declined by 1.14% as Target Corporation sank by 22.57% after its latest earnings report showed an annual decline of over 50% in its net income.

The euro lost 0.27% to the dollar at 9:28 am ET to go for $1.05212.