Stocks are falling sharply in early trading after more disappointing news from blue-chip companies.
The Dow Jones industrial average fell 191 points, or 1.2 percent, to 15,149 in the first half-hour of trading.
The Standard & Poor's 500 index lost 20 points, or 1.2 percent, to 1,663. The Nasdaq fell 56 points, or 1.6 percent, to 3,612.
Wal-Mart fell 2.2 percent after the company reported lower revenue and cut its profit outlook for 2013. Macy's also warned of weak profits the day before.
Cisco plunged 7 percent after the network equipment maker said it would cut about 4,000 jobs and its outlook fell short of most projections.
Bond yields rose sharply. The yield on the 10-year Treasury note rose to 2.79 percent, the highest since July 2011.