Stocks stumble out of the gate

NEW YORK (CNNMoney.com) -- Stocks took a step back Tuesday morning as investors digested disappointing earnings from Texas Instruments and credit concerns coursed through the market.

The Dow Jones industrial average (down 79.17 to 13,864.25, Charts) fell 0.7 percent in early trading, and was down by as much as 121 points.

The broader S&P 500 (Charts) eased by 0.8 percent, while the tech-fueled Nasdaq (Charts) also declined by 0.8 percent.

Stocks had rebounded Monday, with the Dow Jones industrial average, a blue-chip barometer that tracks 30 large companies, gaining nearly 100 points on positive earnings news.

But Texas Instruments (Charts, Fortune 500) reported disappointing results after the market close Monday, which dragged on tech stocks. The chipmaker said weak demand contributed to lower quarterly profit and sales.

"What we've seen is when we have a household name that disappoints there tends to be a ripple effect," said Art Hogan, chief market analyst at Jefferies & Co. "TI touches a lot in technology."

There were mixed results from three Dow components reporting results Tuesday, as telecom AT&T (Charts, Fortune 500) beat forecasts, fast food leader McDonalds (Charts, Fortune 500) met expectations but chemical maker DuPont (Charts, Fortune 500) fell short of estimates.

Also weighing on futures early Tuesday was a report in the Wall Street Journal that General Motors' (Charts, Fortune 500) Allison unit is having trouble raising debt to pay for its leveraged buyout by private equity firms.

Major Asian markets finished the session lower, and European stocks dipped early on.

Treasury prices eased in early trading, lifting the yield on the 10-year note to 4.97 percent from 4.95 percent late Monday.

The dollar was lower against the euro and the yen.

Oil prices plunged, as U.S. light crude lost $1.62 to $73.27 a barrel in electronic trading.