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New York • Stocks are moving lower on Wall Street as the market gives back some of a big gain from the day before.
Materials and energy stocks were especially weak in midday trading Tuesday as commodities prices moved lower.
Fitbit plunged 19 percent after releasing a weak forecast, and J.M. Smucker fell 2 percent after reporting sales that fell short of analysts' forecasts.
The Dow Jones industrial average dropped 156 points, or 0.9 percent, to 16,464 as of 9:45 a.m. Mountain time.
The Standard & Poor's 500 index fell 17 points, or 0.9 percent, to 1,927. The Nasdaq composite gave up 47 points, or 1 percent, to 4,523.
The price of oil sank almost 5 percent to just under $32 a barrel in New York.
ENERGY FORECAST: Oil prices moved lower after the International Energy Agency said on Monday it does not expect oil prices to recover significantly until 2017, but sees slower growth in global supplies. Crude oil fell $1.58 to $31.81 a barrel while Brent crude, which is used to price oils internationally, fell $1.36 to $33.31 a barrel in London.
CHINA WORRIES: Investors were watching developments out of China, where the People's Bank of China announced it had cutting its daily rate between the yuan and the dollar more than expected. The weakening yuan was a major cause of market turmoil in August 2015 as investors worried that it signaled a slowdown in China's economy.
LACKING CONFIDENCE: A report from the Conference Board showed U.S. consumer confidence fell to 92.2 in February, down sharply from a reading of 97.8 in January and the lowest level since July. Consumers expressed worries about deteriorating business conditions and turbulence in the financial markets for their drop in confidence.
OUT OF SHAPE: Fitbit, maker of wearable fitness trackers, fell $3.14, or 19 percent, to $13.39 after the company issued a weak forecast for 2016.
MERGER WATCH: Dow member United Technologies was down 82 cents, or 1 percent, to $91.53 after the company rejected a merger offer from Honeywell.
BONDS, CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.80 percent from 1.75 percent a day earlier. The dollar fell to 112.30 yen from 112.83 yen while the euro weakened to $1.1005 from $1.1026.