US stocks turned lower in early trade Tuesday after an opening jump helped by good results from Cisco and Abercrombie & Fitch.
At 1545 GMT, the Dow Jones Industrial Average was down 60.04 points (0.47 percent) at 12,696.14.
The broad-market S&P 500 fell 6.43 (0.47 percent) to 1,368.10, while the tech-rich Nasdaq Composite slipped 7.76 (0.27 percent) to 2,876.13.
The fall came ahead of a press conference by President Barack Obama in which he is expected to detail his proposed revenue increases for cutting back the huge fiscal deficit, including tax hikes that could hit Wall Street.
Dow component Cisco jumped 6.7 percent after its 48 cents earnings per share for the fiscal first quarter beat analyst expectations by two cents.
Abercrombie & Fitch, the retailer of trendy clothing for youth, soared 27.3 percent after turning in a 40 percent jump in third-quarter profit and sharply increasing its forecasts for the full year.
Office supplies chain Staples added 2.1 percent after reporting an expected quarterly loss due to impairment charges mainly related to its struggling European business.
Excluding that, its earnings per share came in flat, and around analyst expectations.
Among other Dow blue chips, Bank of America fell 2.1 percent and Home Depot lost 1.8 percent.
On the Nasdaq, Dell added 1.4 percent and Facebook gained 8.4 percent, despite a lifting of a share-sale ban for insiders, while Apple fell 0.1 percent.
Bond prices slipped.
The 10-year US Treasury yield rose to 1.61 percent from 1.59 percent late Tuesday, and the 30-year rose to 2.74 percent from 2.72 percent.
Bond prices and yields move inversely.