U.S. Stocks Open Lower Amid Oil Slump

The U.S. stock market opened lower on Wednesday as a renewed slump in oil prices again hit energy companies. Falling oil prices are beginning to result in cuts of those companies' capex spending budgets. Goodrich Petroluem Corp shares slumped after the company said it is exploring sale of its shale asset, while its capex budget for 2015 is halved. The S&P 500 opened 6 points, or 0.3%, lower at 2,054. The Dow Jones Industrial Average dropped 47 points, or 0.3%, to 17,750. The Nasdaq Composite began the day with a loss of 6 points, or 0.1%, at 4,760.