May 1 (Reuters) - The S&P 500 and Nasdaq opened lower on

Wednesday as chip stocks led losses after downbeat results and

markets exercised caution ahead of more economic data and the

Federal Reserve's interest rate decision later in the day.

The Dow Jones Industrial Average rose 29.6 points, or

0.08%, at the open to 37,845.56. The S&P 500 fell 6.7

points, or 0.13%, at the open to 5,029.03​, while the Nasdaq

Composite dropped 11.7 points, or 0.07%, to 15,646.094

at the opening bell.

(Reporting by Shristi Achar A in Bengaluru; Editing by Dvika

Syamnath)