U.S. stocks open lower amid data, rate hike concerns

U.S. stocks opened lower Tuesday as Wall Street digested U.S. import and export prices amid rate hike concerns.

U.S. import prices declined 0.5 percent in October after falling 0.6 percent the previous month, exceeding market consensus of 0.1-percent decline, Labor Department reported Tuesday. Lower prices for both fuel and nonfuel imports contributed to the October decrease.

U.S. export prices fell 0.2 percent in October, following a 0.6-percent drop in September.

Investors kept cautious as possibility of a December rate hike becomes higher following the strong job gain in October.

U.S. total nonfarm payroll employment increased by 271,000 in October, the largest gain since December 2014. The unemployment rate fell to 5.0 percent, the lowest since April 2008.

Many analysts believed that the U.S. Federal Reserve will raise interest rates next month, as Fed Chair Janet Yellen reiterated last week that the central bank may pull the trigger at its December policy meeting if the U.S. economy is "performing well."

Shortly after the opening bell, the Dow Jones Industrial Average fell 30.90 points, or 0.17 percent, to 17,699.58. The S&P 500 dipped 4.93 points, or 0.24 percent, to 2,073.65. The Nasdaq Composite Index was down 25.18 points, or 0.49 percent, to 5,070.12.

On Monday, U.S. stocks dropped as the Organization for Economic Cooperation and Development (OECD) shaved 2015 global growth forecast to 2.9 percent. Endi