U.S. stocks open lower ahead of Fed statement

U.S. stocks opened mildly lower on Wednesday as investors digested the newly-released economic data and awaited the U.S. Federal Reserve policy announcement.

The Fed is due to wrap up its two-day meeting later Wednesday with the release of policy statement. Most analysts expected the U.S. central bank will not raise its interest rates at this meeting.

On the economic front, the Consumer Price Index (CPI) for all urban consumers fell 0.2 percent in February, seasonally adjusted, on par with market estimates, reported the U.S. Labor Department Wednesday.

The index for all items less food and energy often referred to as the core CPI, rose 0.3 percent in February, the same increase as the prior month.

Meanwhile, privately-owned housing that starts in February were at a seasonally adjusted annual rate of 1.178 million units, 5.2 percent above the revised January estimate, according to the U.S. Commerce Department Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average lost 16.34 points, or 0.09 percent, to 17,235.19. The S&P 500 fell 1.54 points, or 0.08 percent, to 2,014.39. The Nasdaq Composite Index was down 5.78 points, or 0.12 percent, to 4,722.88. Endi