US stocks dip on mixed housing data

(MENAFN- AFP) US stocks opened lower Wednesday following mixed US housing data and a lackluster reading on inflation.

Five minutes into trade, the Dow Jones Industrial Average fell 48.38 points (0.27 percent) to 17,999.20.

The broad-based S&P 500 fell 5.59 (0.27 percent) to 2,094.75, while the tech-rich Nasdaq Composite Index shed 7.44 (0.15 percent) to 4,891.82.

New construction of homes across the United States fell 2.0 percent from strong December numbers. However, building permits, an indicator of future construction, grew 0.7 percent from December to an annual pace of 1,053,000.

US wholesale prices dropped 0.8 percent last month, pulled down by the plunge in gasoline prices.

The Federal Reserve will release minutes from its January meeting this afternoon that are expected to be scrutinized for clues on when the central bank will raise interest rates.