The major averages have edged up off their lows for the session in the past few minutes but continue to post steep losses. The Dow is down 98.20 points or 0.7 percent at 13,140.93, the Nasdaq is down 25.06 points or 0.8 percent to 3,053.26 and the S&P 500 is down 9.53 points or 0.7 percent at 1,400.22.
Other resource stocks have also come under pressure amid weakness among commodities prices. Oil service stocks are posting notable losses as the price of crude oil tumbles by nearly $2 a barrel.
Most of the other major sectors have also moved to the downside as traders cash in on the recent strength in the markets. Railroad, networking, and housing stocks are seeing significant weakness.
Among individual stocks, shares of Adobe Systems are down by 2.7 percent in early trading after the design software developer reported first quarter earnings that fell year-over-year and provided disappointing second quarter earnings guidance.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Tuesday, although the Japanese markets were closed for a public holiday. Hong Kong's Hang Seng Index fell by 1.1 percent, while Australia's All Ordinaries Index dropped by 0.4 percent.
The major European markets have also moved to the downside, pulling back further off their recent highs. While the U.K.'s FTSE 100 Index is down by 1.2 percent, the French CAC 40 Index and the German DAX Index are both down by 1.4 percent.
In the bond market, treasuries are regaining some ground after falling sharply in recent sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.5 basis points at 2.354 percent after ending the previous session at a four-month closing high.
