U.S. stocks traded lower early on Tuesday as renewed declines in oil prices weighed amid mixed reaction to some key earnings reports.
Shares of Exxon Mobil fell 2 percent in morning trade after the firm reported a 58 percent drop in profit, hurt by low oil prices. The world's largest publicly traded oil company also said it would cut spending this year by one-quarter, Reuters reported.
Energy fell more than 2.5 percent in morning trade to lead all S&P 500 sectors lower. The index was off more than 1 percent in morning trade. The Nasdaq composite also declined more than 1 percent.
Alphabet, Google's parent company, reported earnings after the close Monday that beat on both the top and bottom line, helped by a 17 percent rise in advertising revenue. A key advertising metric of aggregate paid clicks increased 31 percent from the previous year, beating consensus expectations of about 22 percent, according to StreetAccount.
A jump in the shares in after-hours trade and morning trade Tuesday put Google on pace to top Apple as the world's most valuable company.
U.S. crude oil futures were more than 5 percent lower in morning trade, hovering just above $30 a barrel. Concerns about demand and rising supply continued to weigh as hopes for a deal between OPEC and Russia on output cuts faded.