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U.S. stocks open lower ahead of Beige Book

Xinhua, September 7, 2016 Adjust font size:

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

Investors kept a close eye on the Beige Book, which is scheduled for release in the afternoon. The Fed has been front and center as of late, with investors pondering over when the central bank will decide to raise interest rates.

The Federal Open Market Committee, the Fed's monetary policy arm, is set to meet on Sept. 20-21.

Oil prices were also in focus, which traded mildly higher in the morning session Wednesday as traders eyed U.S. crude inventory data due out in the afternoon.

In corporate news, Apple is expected to unveil its iPhone 7 at an event in San Francisco at 0500 GMT. The tech giant's shares traded slightly higher in the morning session Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average fell 27.19 points, or 0.15 percent, to 18,510.93. The S&P 500 lost 3.20 points, or 0.15 percent, to 2,183.28. The Nasdaq Composite Index decreased 2.04 points, or 0.04 percent, to 5,273.86.

On Tuesday, U.S. stocks extended gains, with the Nasdaq Composite Index setting new closing record, as Wall Street digested the newly released economic data. Endi