NEW YORK (CNNMoney) -- Hewlett-Packard dragged U.S. stocks lower at the start of trade Tuesday.
Hewlett-Packard (HPQ, Fortune 500) shares plunged 14%, after the company reported quarterly results that included a multi-billion dollar writedown.
That pushed the major indexes into the red. The Dow Jones industrial average slid 0.4%. The Nasdaq and S&P 500 were both down about 0.2%.
But stripping out the PC maker's dismal performance, stocks were little changed as investors backed off a recent rally and turned their attention back to Europe's sovereign debt worries.
Eurozone finance ministers were meeting Tuesday to discuss the latest release of bailout funds for Greece, which the country needs to stave off default. They meet as Moody's downgraded France's credit rating, stripping the country of its coveted AAA rating due to worries about economic weakness.
Escalating violence in the Middle East between Israelis and Palestinians continues to be a global concern. Oil prices have been ticking up amid growing worries about a possible ground war in Gaza. Crude prices edged down 80 cents to $88.48 a barrel. Brent crude, Europe's benchmark, was little changed at $111.13 a barrel.
In the U.S., there were signs of a recovering housing market. The Census Bureau reported housing starts rose to the highest level in four years. But housing permits declined slightly to an annual rate of 866,000 last month, less than the 870,000 expected.
At 12:15 p.m. ET, Federal Reserve Chairman Ben Bernanke will speak at the Economic Club of New York.
U.S. stocks rallied Monday, logging their best gains in months, as investors started the holiday-shortened week optimistic that the fiscal cliff talks are progressing.
While the rhetoric out of Washington has been mostly positive, experts say stocks will remain under pressure and trading will likely be choppy until an actual deal is finalized, which could take weeks.
Fear & Greed Index
World Markets: European stocks were mixed in afternoon trading ahead of the finance ministers' meeting. Britain's FTSE 100 slipped 0.1%, while the DAX in Germany edged up 0.2% and France's CAC 40 fell 0.3%.
Asian markets closed lower. The Shanghai Composite lost 0.4%, the Hang Seng in Hong Kong dropped 0.2%, and Japan's Nikkei edged 0.1% lower.
Companies: Shares of Best Buy (BBY, Fortune 500) dropped more than 7% after the electronics retailer continued to show signs of struggling as it reported earnings and sales that missed forecasts. Best Buy also cut its outlook.
Green Mountain Coffee (GMCR) surged 10% after the company announced the appointment of a new CEO, Brian Kelley, effective December 3.
Krispy Kreme Doughnuts Inc (KKD) stock jumped more than 10% at the open, after Monday night's quarterly results that beat expectations.
Currencies and commodities: The dollar fell against the euro and the British pound but gained against the Japanese yen after the Bank of Japan left interest rates unchanged.
Gold futures for December delivery fell $2.80 to $1,731.60 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up to 1.62% from 1.61% late Monday. 
First Published: November 20, 2012: 9:55 AM ET
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