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New York - US stocks were slightly lower in early trade on Tuesday, falling with European equity markets on political uncertainty in eurozone member Greece.
About 25 minutes into trade, the Dow Jones Industrial Average stood at 18 010.46, down 27.77 points (0.15%).
The broad-based S&P 500 fell 3.82 (0.18%) to 2 086.75, while the tech-rich Nasdaq Composite Index dipped 8.15 (0.17%) to 4 798.76.
Analysts expected light volumes ahead of Thursday's New Year holiday, but also said the market was primed for some profit-taking after soaring to new records over the last week.
Equity markets in Britain, France and Germany were all off about one percent or more as Greece set a snap election to pick the next president on January 25. Analysts fear a victory by the anti-austerity far-left Syriza party could roll back measures required under the IMF-EU bailout of the country.
"This struggle will determine whether Greece stays in Europe," said Greek Prime Minister Antonio Samaras.
Several petroleum-linked stocks fell as oil prices fell again. Oil services company Schlumberger fell 0.5%, while producers Occidental Petroleum and Continental Resources dropped 0.3% and 1.3%, respectively.
Civeo, which provides workforce accommodations to oil and natural resources companies in Canada and Australia, sank 44.5%, citing the weak oil-investment environment. Civeo projected 2015 revenues of $540-$600m, much below the $817m forecast by analysts.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.17% from 2.21% on Monday, while the 30-year dipped to 2.74% from 2.78%. Bond prices and yields move inversely.
Euro drops to post eurozone crisis low below $1.22 level as Greece failed to elect president. http://t.co/QsDo6bSz0D pic.twitter.com/QYW2SeyMYz
— Holger Zschaepitz (@Schuldensuehner) December 23, 2014
