NEW YORK (AP) — U.S. stocks are opening slightly lower following a big advance the day before.

The Dow Jones industrial average fell 70 points, or 0.4 percent, to 17,907 as of 9:35 a.m. Eastern time Tuesday. The Dow jumped 263 points the day before.

The Standard & Poor's 500 index lost seven points, or 0.4 percent, to 2,078. The Nasdaq composite declined 19 points, or 0.4 percent, to 4,928.

The price of oil fell 66 cents to $48.04 a barrel in New York.

Movado jumped 20 percent after posting surprisingly strong fourth quarter results. Movado said it would raise prices and streamline the operations of the luxury watchmaker.

Government bond prices edged lower. The yield on the 10-year Treasury rose to 1.96 percent from 1.95 percent late Monday.