The S&P 500 fell by 0.4% as of 10: 19 a.m. Eastern. The Dow Jones Industrial Average fell 17 points, or 0.1%, to 32,813 and the Nasdaq fell 1.3%.
Technology stocks fell broadly and weighed down the broader market. Micron Technology's chipmaker fell 4.1% after warning investors that revenue could fall short of forecasts because of weak demand. The warning hit chipmakers hard, with Nvidia shedding 3.6%.
Norwegian Cruise Line fell 10.1% after reporting disappointing financial results and giving investors a weak revenue forecast. Travel-related stocks were weighed down by the weak results. Expedia fell 1.9% and American Airlines fell 3.1%.
Energy stocks went up along with oil prices. U.S. crude oil prices rose 1.1% and Exxon Mobil rose 2.9%.
Audience rating company Nielsen surged 21% after it announced progress on a deal to be acquired by private equity firms.
Bond yields went up. The yield on the 10 year Treasury rose to 2.81% from 2.75% on Monday.
Investors are watching the latest round of corporate earnings and the latest economic for more clues on how inflation is hurting consumers and businesses. Disney, Wendy's and Wynn Resorts will report quarterly results this week as the earnings season is beginning to wind down and the earnings season is beginning to wind down.
The Federal Reserve's aggressive rate hikes the past few months have helped to bring four-decade high inflation under control, according to investors and economists.
The Fed has raised rates four times this year in an effort to stop the brakes on the economy and cool the hottest inflation in four decades. Wall Street is worried that the central bank could slam the brakes too hard and skid the economy into a recession. According to the strong July jobs report, most economists believe that the Fed will raise short-term interest rates by as much as another three-quarters of a point at its September meeting.