Business

U.S. stocks open lower ahead of Yellen's testimony

NEW YORK, Feb. 14 (Xinhua) -- U.S. stocks opened lower Tuesday as investors awaited a speech from Federal Reserve Chair Janet Yellen later in the morning.

Yellen is scheduled to give her semiannual monetary policy testimony before the Senate Banking Committee Tuesday morning. It will mark the first time Yellen testifies following President Donald Trump's election.

On the Fed's policy meeting concluded Feb. 1, the U.S. Federal Reserve left the benchmark interest rates unchanged and offered no hint on when it might move.

On the economic front, the Producer Price Index for final demand increased 0.6 percent in January, seasonally adjusted, beating market consensus of 0.3 percent, the U.S. Labor Department reported Tuesday.

Shortly after the opening bell, the Dow Jones Industrial Average fell 15.28 points, or 0.07 percent, to 20,396.88. The S&P 500 lost 3.22 points, or 0.14 percent, to 2,325.03. The Nasdaq Composite Index dipped 9.06 points, or 0.16 percent, to 5,754.90.

On Monday, all three major indices extended their record run as Trump's comments on tax cuts last week ignited investor euphoria.

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