U.S. stocks open lower ahead of Fed meeting

U.S. stocks opened lower Monday as investors became cautious ahead of the Federal Reserve's policy meeting later this week.

Investors are keeping a close eye on the U.S. central bank's two-day policy meeting, which will start on Tuesday, for more clues on the timing of a rate hike.

However, the possibility of a June rate hike becomes lower following much-worse-than-expected May nonfarm payroll numbers, which cast doubt over the health of the U.S. economy.

Analysts thought that Fed Chair Janet Yellen removed most of the rate hike drama from the Fed's policy meeting when she said in a speech last week that the recent disappointing job gains were "concerning."

Yellen avoided giving the timeline for further rate hikes by saying that she expected the federal funds rate to probably need to rise gradually over time to ensure price stability and maximum sustainable employment in the longer run.

Oil prices were also in focus, which traded about 1 percent lower in early trading Monday, pulled down by rising economic concerns about global growth.

Shortly after the opening bell, the Dow Jones Industrial Average fell 50.88 points, or 0.28 percent, to 17,814.46. The S&P 500 lost 6.38 points, or 0.30 percent, to 2,089.69. The Nasdaq Composite Index was down 22.19 points, or 0.45 percent, to 4,872.36.

On Friday, U.S. stocks ended sharply lower as further declines in oil prices continued to weigh on Wall Street. Endi