About 20 minutes into trading, the Dow Jones Industrial Average was down 0.6% to 26,336.38.

The broad-based S&P 500 lost 0.3% at 2,875.70, while the tech-rich Nasdaq Composite Index was a hair lower at 7,735.39.

Analysts cited lingering worries over higher interest rates as the yield on the 10-year US Treasury bond held solidly above 3.0%.

Some market watchers are also unsure about third-quarter earnings, with forecasts projecting a smaller jump in year-over-year profits compared with the second quarter. Those forecasts have propelled a sense that the United States is past its peak earnings period.

Among individual companies, paints and coatings maker PPG slumped 9% after projecting third-quarter earnings would be below analyst expectations due to higher raw materials and logistics costs.

Fast-food chain Papa John’s International surged 6.7% following a Wall Street Journal report that Trian hedge fund was considering a takeover bid for the pizza