Global Markets Struggle Amidst Banking Woes and Economic Uncertainty

Stocks opened lower on Thursday after the European Central Bank surprised markets with a 0.50% interest rate hike amid continued concerns over the global banking system but inflation that remains "too high" in the view of central bankers. The decision comes just days before the Federal Reserve's next policy announcement, at which the central bank is expected to raise rates by 0.25% for the second-straight meeting. Investors will also be paying close attention to testimony from Treasury Secretary Janet Yellen, who will speak before the Senate beginning at 10 a.m. ET.