Wall Street opens lower on weak China data, oil prices

U.S. stocks started the month in the red on Wednesday as falling oil prices and weak factory data from China reduced the chances of a rate hike this month, dragging on financial stocks. JPMorgan, Bank of America and Citigroup were all down between 1.3-2.0 percent. China's official factory activity gauge expanded only marginally in May, data showed, while a private survey showed conditions deteriorated for a fifteenth straight month.