Stocks slide ahead of earnings season start

U.S. stocks fell Tuesday in a choppy session as investors looked ahead to the start of earnings season on Wednesday. 

The Dow Jones Industrial Average lost 117 points, or 0.34%, while the S&P 500 index and the Nasdaq Composite index declined 0.24% and 0.14%, respectively.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	38239.98	+253.58	+0.67%
SP500	S&P 500	5010.6	+43.37	+0.87%
I:COMP	NASDAQ COMPOSITE INDEX	15451.305261	+169.30	+1.11%

Investors received their latest glimpse into the health of the labor market with the Job Openings and Labor Turnover Survey showing the number of available positions fell by 659,000 in August to a seasonally adjusted 10.439 million. Quits, meanwhile rose by 242,000 to 4,3 million, propelling the quits rate to a record high of 2.9%. 

Separately, the International Monetary Fund lowered its outlook for global growth to 5.9%, citing supply chain disruptions that are "feeding inflation in many countries."

STAGFLATION FEARS OVERBLOWN, WALL STREET STRATEGISTS SAY

In stocks, Tesla Inc. sold a record 56,006 China-made vehicles in September, according to China Passenger Car Association data released Tuesday. The figures include 3,853 vehicles that were exported. 

Ticker	Security	Last	Change	Change %
TSLA	TESLA INC.	142.05	-5.00	-3.40%

Elsewhere, Nike Inc. was upgraded to "buy" and given a $172 price target at Goldman Sachs due to its "powerful brand legacy" amid a healthy industry backdrop. 

Ticker	Security	Last	Change	Change %
NKE	NIKE INC.	94.19	-0.34	-0.36%

And Credit Suisse raised MGM to a buy giving the stock a boost to its highest level since May of 2008. 

Ticker	Security	Last	Change	Change %
MGM	MGM RESORTS INTERNATIONAL	42.42	+0.01	+0.01%

CureVac BV was sharply lower after the Germany-based biopharmaceutical company said it would discontinue its COVID-19 vaccine. 

Ticker	Security	Last	Change	Change %
CVAC	CUREVAC NV	2.53	+0.09	+3.69%

In deals, Signet Jewelers Ltd. agreed to buy Diamonds Direct for $490 million cash and said the deal would be immediately accretive to earnings. The company also raised its sales guidance for the current quarter, saying it is not impacted by supply chain disruptions as it uses air freight to ship its products. 

Ticker	Security	Last	Change	Change %
SIG	SIGNET JEWELERS LTD.	100.11	+4.64	+4.86%

Southwest Airlines Co. shares moved higher as the airline reported fewer flight cancellations compared to the past few days. 

Ticker	Security	Last	Change	Change %
LUV	SOUTHWEST AIRLINES CO.	29.73	+0.35	+1.19%

JPMorgan Chase & CO., BlackRock Inc. and Delta Air Lines Inc. are scheduled to kick off earnings season when they release their quarterly results ahead of Wednesday’s opening bell. 

Ticker	Security	Last	Change	Change %
JPM	JPMORGAN CHASE & CO.	189.41	+3.61	+1.94%
BLK	BLACKROCK INC.	760.45	+10.48	+1.40%
DAL	DELTA AIR LINES INC.	49.02	+1.45	+3.05%

In commodities, West Texas Intermediate crude oil rose 12 cents to $80.64 a barrel and gold edged up $3.70 to $1,758.30 an ounce.

Overseas markets were broadly lower. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

European bourses were under modest selling pressure with France's CAC 40 and Germany’s DAX 30 both slipping 0.34% and Britain’s FTSE 100 declining 0.23%. 

In Asia, Japan’s Nikkei 225 lost 0.94% while China’s Shanghai Composite index and Hong Kong’s Hang Seng index tumbled 1.25% and 1.43%, respectively.