U.S. stocks struggled for direction during morning trading Tuesday as the market awaits key inflation data later this week.
The Dow Jones Industrials barreled 119.68 points to open Tuesday at 35,210.81.
The S&P 500 subtracted 3.27 points to 4,480.60
The NASDAQ dropped 18.75 points to 13,996.92.
Corporate earnings were driving stock moves on Tuesday. Harley-Davidson jumped 8% after the company reported a surprise profit for the fourth quarter. Pfizer shares tumbled 3.6% after the drugmaker's fourth-quarter revenue came in lower than Wall Street analysts expected.
Pfizer's full-year earnings guidance also disappointed.
As of Tuesday morning, about 300 S&P 500 components have reported, with 77% exceeding earnings estimates and 75% topping revenue expectations. However, the strong results have not been enough to dig the market out of the hole created by January's slide, and weak forward guidance may be part of what is holding back a rebound.
Elsewhere, Peloton shares rose 2% after the interactive fitness company said it will slash 2,800 jobs in a restructuring effort that will see CEO John Foley step down and transition to executive chair.
The company will report earnings Tuesday after the market closes and during what's been a turbulent time for the company. The stock surged 20.9% on Monday following reports the company could be a takeover target.
Shares of Snap fell 4.7% after the social media company announced a new debt offering.
On the economic data front, the Census Bureau said Tuesday that December's trade balance was a deficit of $80.7 billion. Economists surveyed by Dow Jones survey were expecting a shortfall of $82.8 billion.
Prices for 10-year Treasurys fell, raising yields to 1.97% from Monday's 1.92%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.81 to $89.51 U.S. a barrel.
Gold prices were up $3.50 to $1,825.30 U.S. an ounce.