U.S. stocks open lower on data releases

U.S. stocks opened lower on Tuesday, as investors digested a slew of data releases and Fed Chair Janet Yellen's speech, following the Memorial Day holiday.

New orders for manufactured durable goods in April decreased 0.5 percent to 235.5 billion U.S. dollars, the U.S. Commerce Department said. This decrease, down for two of the last three months, followed a 5.1 percent increase in March.

The S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that the 10-City Composite gained 4.7 percent year over year in March, while the 20-City Composite added 5 percent.

In corporate news, Charter Communications has agreed to buy Time Warner Cable for 55 billion dollars, finally clinching an agreement after its early 2014 bid was rejected and Comcast abandoned its offer.

Charter will pay 195.71 dollars a share, with 100 dollars in cash and the reminder in its own stock.

Shortly after the opening bell, the Dow Jones Industrial Average was down 95.29 points, or 0.52 percent, to 18,136.73. The S&P 500 shed 9.53 points, or 0.45 percent, to 2,116.53. The Nasdaq Composite Index fell 20.18 points, or 0.40 percent, to 5,069.18.

U.S. stocks decreased after wavering in a tight range on Friday, as investors were digesting Fed Chair Janet Yellen's speech.

"If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target," Yellen said.

She noted that first quarter weakness was largely transitory, but that it would take several years for rates to return to normal. Endi