U.S. stocks open lower as oil weakness weighs

U.S. stocks opened lower on Friday as Wall Street eyed oil prices.

Oil prices wavered slightly near their lowest level in nearly seven years in the morning session Friday, as bearish sentiment rattled the market.

On Thursday, oil prices continued to fall as global supplies exceed the demand. U.S. crude supplies of last week gained 4.8 million barrels to 490.7 million barrels, 110.7 million barrels more than one year before.

"For the time being, the most decisive move has been in commodities, where a tightening Fed is pretty clearly bad news no matter what follows from it," said Chris Low, chief economist at FTN Financial, in a note.

Meanwhile, with no major economic reports due out Friday, investors were still sifting through the Federal Reserve' s decision to raise interest rate for the first time in nearly a decade.

Analysts believed the stock markets would witness some volatility in recent days as Wall Street tries to digest the rate hike decision.

Shortly after the opening bell, the Dow Jones Industrial Average fell 50.64 points, or 0.29 percent, to 17,445.20. The S&P 500 lost 10.11 points, or 0.50 percent, to 2,031.78. The Nasdaq Composite Index was down 21.71 points, or 0.43 percent, to 4,980.85.

On Thursday, U.S. stocks snapped a three-day winning streak to end sharply lower, as investors assessed the impacts of U.S. central bank's first rate hike in nearly a decade. Endi