US stocks slip as bond yields edge higher and investors prepare to sift through corporate earnings

• US stocks fell Tuesday as investors prepare for earnings and CPI data.
• Major investment banks will begin reporting quarterly results later this week.

US stocks slipped again on Tuesday as investors prepare themselves for this week's earnings reports and anxiously await September's inflation report due out on Thursday.

Banking titans Goldman Sachs, JP Morgan, and Morgan Stanley are expected to release their quarterly results starting later this week, giving a glimpse into the health of the largest financial institutions. Warnings from Wall Street over a coming recession have been growing louder, with JPMorgan chief Jamie Dimon on Monday saying the US will face a downturn in six to nine months that could wipe away another 20% of the stock market's value.

All three major indexes opened lower Tuesday, with the Nasdaq Composite continuing to slide after touching a two-year closing low on Monday. Bond yields also inched higher, with the 10-year yield rising by about four basis points to 3.92%.

Thursday's inflation report will be crucial for determining the path of the Federal Reserve's rate hikes, and investors are preparing themselves for the market's reaction to Consumer Price Index data. Following last Friday's hot jobs report, economists and commentators expect the Fed to keep hiking by another 75 basis points, with Goldman Sachs warning investors not to count on a policy pivot until the economy weakens.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 3,588.05, down 0.67%

• Dow Jones Industrial Average: 29,142.88, down 0.21% (60 points)

• Nasdaq Composite: 10,457.54, down 0.8%

Here's what else is happening today:

• The Bank of England began its second market intervention today, scrambling to quell volatility in bonds after the UK presses forward with its new mini-budget.
• Oil will hit $125 a barrel as the plan to cap Russian oil prices is threatening to tighten market supply even further, UBS said in a note.
• Top economist Mohamed El-Erian warned the Fed's delayed response to inflation has threatened US financial stability, and there would be "no ladder out of this hole" for the central bank.

In commodities, bonds, and crypto:

• West Texas Intermediate crude slipped about 2% to $89.33 per barrel. Brent crude, the international benchmark, fell 1.7% to $94.53 a barrel.
• Gold was mostly flat, trading at $1,675 per ounce.
• The 10-year Treasury yield rose four basis points to 3.92%.
• Bitcoin lost 1.4% to trade around $19,098.