The stock market is in retreat again as investors around the world grow pessimistic about the economic recovery.

Following the lead of stock markets around the world, investors are taking their cues from the tumbling price of oil. Oil hovered around $64 a barrel on the growing belief that the economy won't be strong enough to lift demand as much as expected.

Investors are also anxiously awaiting the start of second-quarter earnings reports. They're hoping to see if companies' results and their forecasts for the rest of the year yield clues about the economy.

In early minutes of trading, Dow Jones industrial average is down 52 at 8,228. The Standard & Poor's 500 index is down 5 at 892. The Nasdaq composite index is down 12 at 1,784.