US stocks dip ahead of Federal Reserve minutes

New York - US stocks opened lower on Thursday ahead of the release of the Federal Reserve's September meeting minutes that could shed light on the likelihood of an interest rate hike in 2015.

Five minutes into trade, the Dow Jones Industrial Average stood at 16 880.72, down 31.57 points.

The broad-based S&P 500 lost 0.22% at 1 991.45, while the tech-rich Nasdaq Composite Index shed 0.39% at 4 772.48.

The Fed minutes release will chronicle the Federal Open Market Committee's decision not to raise interest rates at the September 16 to September 17 meeting. Since then, Fed chair Janet Yellen has reiterated a plan to lift rates in 2015, but markets are skeptical after a weak September jobs report following the meeting.

"The thought that the FOMC is apt to stay at the zero bound at least through year-end has been a major driver of the recent rally," said Briefing.com analyst Patrick O'Hare.