Stocks slipped on Tuesday, giving up earlier gains, as losses in 3M and Google-parent Alphabet pushed staples and technology shares lower.

The Dow Jones industrial average traded 23 points lower as of 10:26 a. m. ET, with 3M as the worst-performing stock in the index. The S&P 500 fell to trade just below breakeven, with consumer staples and technology sliding. The Nasdaq composite declined 0.2 percent.

Before the bell, 3M reported quarterly earnings that met analyst expectations, but the stock dropped about 7 percent. Alphabet, meanwhile, topped bottom-line estimates but its stock declined more than 3 percent.

The major indexes traded higher earlier in the session on the back of strong earnings from Caterpillar and other major U. S. companies. Caterpillar shares rose 3 percent after releasing its quarterly results.

United Technologies, Verizon and Coca-Cola — also Dow members —reported better-than-expected earnings. Google-parent Alphabet's results also topped expectations.

Corporate earnings this season have mostly outperformed analyst expectations thus far. Of the S&P 500 companies that have reported as of Tuesday morning, 83 percent have posted better-than-forecast earnings, according to FactSet.

"While there have been some disappointments, they are in the minority, " said Nick Raich, CEO of The Earnings Scout, in a note. "We are recording the best growth in any quarter since 2010. "

"What we like best about this earnings season is the collective sales growth rate of 10.58% for the companies that have reported, " Raich added. "Additionally, 2Q 2018 estimates are inching higher for companies that have reported so far, and overall 2H 2018 estimates, which many felt were too high, are inching higher. "

Meanwhile, investors also kept an eye on the bond market, with the 10-year note yield trading at highest level since January 2014. The yield broke above 3 percent, a key psychological level, for the first time in more than four years.

"There has been tremendous resistance around that level, " said Quincy Krosby, chief market strategist at Prudential Financial. Krosby noted, however, that the Cboe Volatility Index (VIX), has not been "unnerved" during this move higher in rates. "That's a positive. "

Bank stocks surged after the 10-year yield hit 3 percent. The SPDR S&P Bank ETF (KBE) and Regional Banking ETF (KRE) both rose more than 1.5 percent. J. P. Morgan Chase, Citigroup, and Bank of America all rose more than 1 percent.

Investors have been selling Treasurys this month — pushing yields higher — amid expectations of rising inflation, which could prompt the Federal Reserve to tighten monetary policy at a faster pace.

"I think we'll put this in the rear-view mirror and note there was not magic to the [3 percent] number, " said Art Hogan, chief market strategist at B. Riley FBR. "I think we go back to focusing on earnings. "