U.S. opened lower Thursday morning as investors weigh Fed Chair Powell’s remarks

U.S. stocks opened lower as investors turned their attention to remarks by Federal Reserve Chair Jerome Powell at the Cato Institute in Washington. The Dow Jones Industrial Average
DJIA,
-0.14%
was trading down 0.6% soon after the opening bell, while the S&P 500
SPX,
-0.10%
fell 0.7% and the Nasdaq Composite
COMP,
-0.12%
dropped 0.9%, according to FactSet data, at last check. Powell was set to begin speaking at the Cato Institute at 9:10 a.m. Eastern time. In other central banking news, the European Central Bank on Thursday announced that it was raising interest rates by three-quarters of a percentage point and that more hikes were likely due to high inflation. Meanwhile, jobless claims in the U.S. fell to a three and a half month low during the week ended Sept. 3.