The Dow Jones industrial average fell 70 points, or 0.4 per cent, to 17,907 as of 9:35 a.m. Eastern time Tuesday. The Dow jumped 263 points the day before.
The Standard & Poor's 500 index lost seven points, or 0.4 per cent, to 2,078. The Nasdaq composite declined 19 points, or 0.4 per cent, to 4,928.
The price of oil fell 66 cents to $48.04 a barrel in New York.
Movado jumped 20 per cent after posting surprisingly strong fourth quarter results. Movado said it would raise prices and streamline the operations of the luxury watchmaker.
Government bond prices edged lower. The yield on the 10-year Treasury rose to 1.96 per cent from 1.95 per cent late Monday.