US stocks mixed after Chinese rate hike

US stocks were mixed as markets opened Wednesday, after an interest rate hike by China's central bank raised expectations of slower growth in the world's second-largest economy. The Dow Jones Industrial Average edged upward 7.98 points (0.06 percent) to 12,577.85 in the first five minutes of trading. The broader S&P 500 dropped 1.86 points (0.14 percent) to 1,336.02 while the tech-heavy Nasdaq Composite slipped 2.13 points (0.08 percent) to 2,823.64. Earlier Wednesday, the People's Bank of China said it would raise its benchmark deposit and lending rates by 25 basis points in a bid to fight inflation, amid fears that China's economy is overheating.