U.S. stocks open lower ahead of Fed Beige Book

U.S. stocks opened lower Wednesday as investors awaited the Federal Reserve's Beige Book for more clues on the timing of a next rate hike.

Analysts will look into the Fed's latest Beige Book, which is scheduled for release later in the afternoon, for details on the state of the U.S. economy.

The uncertainty over the timing of a next rate hike has weighed on investor sentiment recently.

Investors believed that the possibility of a June rate hike was higher after the Fed's hawkish minutes from its April meeting. Moreover, Fed Chair Janet Yellen said Friday that an interest rate hike in the next few months would probably be appropriate if economic data improved.

Oil prices were also in focus, which traded over 2 percent lower in early trading Wednesday, as traders eyed the Organization of the Petroleum Exporting Countries' Thursday meeting.

Shortly after the opening bell, the Dow Jones Industrial Average dipped 117.24 points, or 0.66 percent, to 17,669.96. The S&P 500 lost 11.70 points, or 0.56 percent, to 2,085.26. The Nasdaq Composite Index was down 23.81 points, or 0.48 percent, to 4,924.24.

On Tuesday, U.S. stocks closed mixed as Wall Street digested a batch of economic reports. Endi