US open: Stocks decline as oil prices snap rally

US stocks declined on Tuesday as oil prices reversed gains in the previous session.

The Dow Jones Industrial fell 0.27%, the Nasdaq dropped 0.45% and the S&P 500 edged down 0.39% at 1431 GMT.

Oil prices fizzled from highs in the previous session on doubts that global producers will agree to a freeze in output to address an oversupplied market. Saudi Arabia and Russia have proposed to freeze output at January levels but Iran is seen unlikely to agree to the deal after recently being freed of western sanctions that have hurt its crude trade.

West Texas Intermediate crude was down 1.2% to $34.25 per barrel and Brent slid 1.9% to $32.75 per barrel at 1435 GMT.

On the economic data front, house prices in the US rose a touch less than expected in December, according to the S&P/Case-Shiller National Home Price Index. The S&P/Case-Shiller 20-City Composite index was up 5.7% on the year, the same as November but just missing economists' expectations for a 5.8% increase.

Still to come, reports on US consumer confidence and US existing home sales are due at 1500 GMT.

On the company front, shares in Fitbit slumped after the wearable fitness device manufacturer posted an outlook for the current quarter and the full year significantly below expectations on Monday night.

Home Depot shares were up 3% after it recorded a 5.6% increase in sales for the year, which was better than expected and bucked the trend for the retail sector.

Toll Brothers dipped after it reported first quarter net income of $73.2m, down from $81.3m the previous year.

The dollar strengthened 0.50% versus the pound, rose 0.21% to the euro and fell 0.53% against the yen.