U.S. stocks were quiet in early trading on Tuesday after a tech-focused sell-off spurred by rising bond yields that saw the NASDAQ drop more than 1% on Monday.
The Dow Jones Industrials stumbled 41.49 points to 35,577.76.
The S&P 500 index dropped 5.17 points to 4,677.77
The NASDAQ Composite inched downward 33.41 points to 15,821.35.
In earnings news, shares of video conferencing company Zoom Video Communications tumbled 12% a day after it beat earnings estimates but warned of a slowdown ahead as the COVID pandemic winds down and the demand for remote contact decreases.
On the positive side, discount retailer Dollar Tree and chipmaker Western Digital were two of the best performers in early trading. Energy stocks also moved higher even after President Joe Biden announced on Tuesday that he would tap the strategic petroleum reserve in an attempt to lower gas prices at a time when inflation is running at its highest level in three decades.
Tuesday's moves come after the market slid into the close in the previous session after the S&P 500 had hit an intraday record earlier in the session.
Earnings season continues on Tuesday with reports from American Eagle, Best Buy and Abercrombie & Fitch before the bell. Dell Technologies, GAP, HP and Nordstrom report quarterly earnings after the bell on Tuesday.
U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.
Prices for 10-year Treasurys eased off a bit, raising yields to 1.65% from Monday's 1.63%. Treasury prices and yields move in opposite directions.
Oil prices gained 97 cents to $77.72 U.S. a barrel.
Gold prices doffed $16.90 to $1,789.40 U.S. an ounce.