Wall Street lower as Apple weighs; Tesla earnings after the bell

Stocks are stuck in their rangebound ways as a struggling Apple weighs on the Dow, and oil can’t catch a bid. Catch The Final Round at 4 p.m. ET with Jen Rogers and markets correspondent Nicole Sinclair.

Winners and losers

Stocks sinking into the red include Chipotle as comparable restaurant sales fell nearly 22% in its latest quarter; Pandora as the music streaming site reported a profit and revenue miss and a decline in active users; and Southwest Airlines, with shares dropping as revenue missed estimates and the airline reported lower-than-expected growth in the revenue per available seat mile metric.

Stocks pushing higher midweek include Akamai as the streaming video services company issued upbeat current quarter guidance; Biogen following an earnings and revenue beat for the biotech name; and Garmin, with shares of the GPS and wearables device maker climbing higher on the back of an earnings and revenue beat, powered by sales in its fitness, outdoor, and transportation categories.

Time to get cyclical?

In this low yield, slow growth environment, defensive stocks have become increasingly popular trades, but how badly is the search for returns distorting the market? Joining us to discuss is Samantha Azzarello, a global market strategist at J.P. Morgan Funds.

Looking ahead

• In the morning, we’ll get a read on manufacturing with Durable Goods orders for September. New orders are expected to rise 0.2% month over month.

• During the day, Apple will be back in the headlines, with its “Hello Again” media event from Cupertino, where the company is expected to unveil a new MacBook laptop and updates to other Mac computer products.

• Finally, after the bell, we’ll get huge, market-moving earnings releases for the tech sector with Amazon, Google parent Alphabet and Twitter all set to report. We’ll have those numbers for you tomorrow, live.