US stocks extend losses ahead of Fed meeting

US stocks traded lower in the morning session on Monday as Wall Street digested quarterly earnings reports ahead of the Federal Reserve's monetary policy meeting later this week.

By midday, the Dow Jones Industrial Average fell 110.64 points, or 0.61 percent, to 17,893.11. The S&P 500 lost 11.58 points, or 0.55 percent, to 2,080.00. The Nasdaq Composite Index dipped 23.44 points, or 0.48 percent, to 4,882.79.

The Federal Open Market Committee (FOMC) will announce its latest rate decision when it concludes a two-day meeting on Wednesday. The U.S. central bank is widely expected to leave interest rates unchanged after a mixed bag of economic data and recent volatility in financial markets.

Investors will look into the statement for indications on the potential for a hike at the June meeting.

In corporate news, shares of KKR & Co. L.P. decreased about 2 percent in early trading Monday after the U.S. private-equity firm reported quarterly earnings below market estimates.

Oil prices were also in focus, which traded mildly higher in the early trading Monday amid anticipations of the rebalancing of supply and demand.

On Friday, U.S. stocks closed mixed as investors assessed an array of generally negative quarterly earnings reports from notable companies.