US stock market opens lower as Fed meeting looms

NEW YORK (AA) – Wall Street opened with light losses on Monday to begin the new week on a lower note with the decline in oil prices while the market awaits the Federal Reserve's announcement Wednesday.

The Dow Jones fell 39 points to begin the day at 18,531. The S&P 500 was down three points to 2,171 and the Nasdaq was flat and dropped one point to 5,099 to begin the day.

Oil prices were in decline Monday as the glut of oil supply and low global demand continue to create a bearish sentiment in the crude market.

At the opening bell, American benchmark West Texas Intermediate traded at $43.24 a barrel -- a 2 percent loss, and international benchmark Brent crude was down to $45.24 -- a 1.7 percent decline.

The Fed will announce its interest rate decision on Wednesday after its two-day July meeting. Although the bank is not expected to make a rate hike, according to analysts, it may on Wednesday signal a rise in rates for September or December.

At Friday's close, the stock market posted a fourth weekly straight gain, while the Dow increased 0.3 percent, the S&P rose 0.6 percent and the Nasdaq jumped 1.4 percent on a weekly basis.