US stocks open lower ahead of Fed meeting

US stocks opened lower on Monday as Wall Street digested quarterly earnings reports ahead of the Federal Reserve's monetary policy meeting later this week.

Shortly after the opening bell, the Dow Jones Industrial Average fell 50.48 points, or 0.28 percent, to 17,953.27, Xinhua news agency reported.

The S&P 500 lost 5.07 points, or 0.24 percent, to 2,086.51. The Nasdaq Composite Index dipped 15.00 points, or 0.31 percent, to 4,891.23.

On Friday, US stocks closed mixed as investors assessed an array of generally negative quarterly earnings reports from notable companies.

The Federal Open Market Committee (FOMC) will announce its latest rate decision when it concludes a two-day meeting on Wednesday.

The US central bank is widely expected to leave interest rates unchanged after a mixed bag of economic data and recent volatility in financial markets.

Investors will look into the statement for indications on the potential for a hike at the June meeting.

--IANS

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