The S&P 500 and Dow opened lower on Tuesday as soaring oil prices and hawkish comments from a Federal Reserve official spooked investors, with focus turning to talks between U.S. President Joe Biden and Fed Chair Jerome Powell later in the day.

Just after opening bell, the Dow Jones Industrial Average fell 52.37 points, or 0.16%, at the open to 33,160.59. The S&P 500 opened lower by 7.15 points, or 0.17%, at 4,151.09, while the Nasdaq Composite gained 6.41 points, or 0.05%, to 12,137.54 at the opening bell.

However, at 9:47 a.m. EST, the Dow was down by 420 points, or 1.27%, while the S&P was off by 1.10%, and the Nasdaq declined by 0.90%.