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U.S. stocks open lower ahead of Fed minutes

Xinhua, August 17, 2016 Adjust font size:

U.S. stocks opened lower Wednesday, as investors became cautious ahead of the release of the U.S. Federal Reserve's minutes.

Traders were awaiting the minutes of the Fed's July policy meeting scheduled for release Wednesday afternoon for more indications on the timing of the next interest rate hike.

New York Fed President William Dudley, a voting member of the Federal Open Market Committee (FOMC), said Tuesday that a rate hike as soon as September was "possible."

Atlanta Fed President Dennis Lockhart echoed Tuesday that there could be one or two rate increases this year.

"If the committee is serious about taking the next step this close to a national election, it will be up to the chair of the Federal Reserve Janet Yellen to prepare the marketplace at that time," said Stephen Guilfoyle, chief market economist at Stuart Frankel & Co., in a note on Wednesday.

Shortly after the Wednesday's opening bell, the Dow Jones Industrial Average shed 22.08 points, or 0.12 percent, to 18,529.94. The S&P 500 lost 2.18 points, or 0.10 percent, to 2,175.97. The Nasdaq Composite Index decreased 5.75 points, or 0.11 percent, to 5,221.37.

U.S. stocks declined Tuesday as investors digested a batch of economic reports. U.S. equities rallied Monday, with all three major indexes setting new closing records for the second time in less than a week. Endi