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 NEW YORK: Wall Street shares plummeted early Wednesday as investors risk inflation risk dashing hopes of progress on coronavirus vaccines.

Funds have been under pressure for the past week as yields on US Treasury notes have fallen in anticipation of a sharp drop in inflation under US President Joe Biden.

However, investors have also been involved in the stock market, which lifted the Dow and S&P 500 in a positive light when Tuesday's markets closed.

Markets are pleased with comments from Federal Reserve Chairman Jerome Powell indicating that interest rates will remain low for some time. Powell is scheduled to hear a second hearing on Wednesday.

For about 35 minutes in trading, the Dow Jones Industrial Average was down 0.2 percent to 31,483.11.

The broad S&P 500 spread 0.4 percent to 3,864.70, while the wealthy Nasdaq Composite Index fell 1.2 percent to 13,303.65.

Investors are happy with the news from the U.S. The Food and Drug Administration claims that Johnson & Johnson's single-shot drug is very effective in protecting the heavy Covid-19, including the South African and Brazilian alternatives.