US stocks dip on lower oil as market awaits Yellen

Wall Street stocks dipped early Tuesday as oil prices dropped and the market awaited a speech by Federal Reserve Chair Janet Yellen.

About 35 minutes into trade, the Dow Jones Industrial Average was at 17,500.57, down 34.82 (0.20 percent).

The broad-based S&P 500 shed 2.80 (0.14 percent) at 2,034.25, while the tech-rich Nasdaq Composite Index fell 2.61 (0.05 percent) to 4,764.18

Petroleum producers Chevron and ConocoPhillips were down 0.8 percent and 1.4 percent, respectively, as US oil prices fell nearly three percent.

US stocks cut their losses after the Conference Board reported that its consumer confidence index rose to 96.2 in March from 94.0 in February, better than the 94.5 projected by analysts.

Yellen, scheduled to address the Economic Club of New York, was expected to offer commentary on the economic outlook that will be scrutinized for the likelihood of another interest rate increases this year, potentially as soon as April.

Homebuilder Lennar climbed 3.5 percent after reporting first-quarter net income increased 25.3 percent to $144.1 million. The company cited the "slow and steady" recovery of the housing market after years of lean production.

Spice maker McCormick rose 1.6 percent as first-quarter net income increased 32.4 percent to $93.4 million behind higher sales of many products, such as herb grinders and snack seasonings for industrial customers.

Yahoo advanced 0.5 percent after The Wall Street Journal reported that Yahoo had set an April 11 deadline for bids on its core Internet assets.