U.S. stocks open lower amid upbeat data

U.S. stocks opened lower Tuesday as Wall Street digested a string of economic reports that supported the case for a rate hike later this year.

The Consumer Price Index for all urban consumers increased 0.4 percent in April on a seasonally adjusted basis, the U.S. Labor Department reported Tuesday. Over the last 12 months, the all-items index rose 1.1 percent before seasonal adjustment.

The index for all items less food and energy increased 0.2 percent in April after increasing 0.1 percent in March, and it increased 2.1 percent over the past 12 months.

U.S. privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,172,000, beating market consensus, the Commerce Department announced Tuesday.

Meanwhile, U.S. industrial production also beat expectations, which increased 0.7 percent in April after decreases in the previous two months, the Federal Reserve said Tuesday.

Some analysts thought the upbeat economic data would stir talks of at least one Fed hike later this year.

Shortly after the opening bell, the Dow Jones Industrial Average fell 34.52 points, or 0.19 percent, to 17,676.19. The S&P 500 lost 3.18 points, or 0.15 percent, to 2,063.48. The Nasdaq Composite Index was down 5.96 points, or 0.12 percent, to 4,769.50.

On Monday, U.S. stocks posted solid gains as investors cheered over a strong rebound in oil prices. Endi