Stocks are opening lower after earnings fell at JPMorgan Chase, the country's largest bank, and rumors swirled that more downgrades of European debt may be coming.
The Dow Jones industrial average is down 98 points, or 0.8 percent, to 12,374 minutes after the opening bell.
All 30 stocks in the Dow are falling in early trading. Bank of America and JPMorgan Chase & Co. are down the most.
The S&P 500 index is down 11, or 0.9 percent to 1,284. The Nasdaq is down 20, or 0.7 percent, to 2,705.
The weakness at JPMorgan opened the season for bank earnings on a sour note.
Though a pickup in the stream of U.S. earnings may help steer markets over the coming days, Europe's debt crisis is likely to remain the focus.