Stocks were modestly lower by mid-morning Tuesday, on track for their fifth down day, as the downbeat mood over the Federal Reserve's likely December rate hike continued.

The S&P 500 was down 0.22%, and the Dow Jones Industrial Average fell 0.33%. 

The Nasdaq fell 0.41%, pressured by Apple (AAPL - Get Report) , which was dragging on the rest of the tech sector. The iPhone maker tumbled more than 2% after Credit Suisse analysts reported supplier checks had shown the company had cut component orders by as much as 10%. Apple suppliers Cirrus Logic (CRUS - Get Report) , Skyworks (SWKS - Get Report)  and Avago (AVGO - Get Report) were also lower on the news. 

Benchmark indexes fell around 1% on Monday as the prospects of a December rate hike sank in. The betting is now 70% for a December hike, up sharply from 30% several weeks ago, according to CME Group's Fed funds futures.

The oil market is on the slow track to recovery, according to the latest report from the International Energy Agency. The global oil watchdog predicted oil prices will rebalance at $80 a barrel but not until 2020. However, the agency said that any price gains after 2020 would be "moderated by higher prices ... efficiency policies and switching to alternative fuels." West Texas Intermediate crude was moving higher on Tuesday, up 0.9% to $44.26 a barrel.

The prices of imports fell in October for their fourth straight month, according to the Bureau of Labor. The price the U.S. paid for goods fell 0.5% month over month from 0.6% in September. Economists had expected the measure to fall 0.1%. The price of exports fell 0.2%, in-line with estimates.  

Chipotle (CMG - Get Report) shares popped after the company announced it is reopening 43 restaurants in the Pacific Northwest after a health scare. The burrito chain said health officials had concluded that there was "no ongoing risk" after several cases of E.coli broke out earlier this month. 

Gap (GPS - Get Report) slid 7.4% after reporting that October sales at its Banana Republic brand slumped. The retailer said total sales fell 4.8% to $1.2 billion last month, primarily a result of a strong dollar, while comparable sales dropped 3%. By brand, Gap stores fell 4%, while Banana Republic tumbled 15%.

Atmel (ATML) shares fell nearly 5% after activist hedge fund Elliott Management said it would vote against Dialog Semiconductor's (DLGNF) plans to acquire the chipmaker. The fund, which disclosed a 2.9% stake, said the acquisition was too costly and would do little for streamlining operations.

In earnings news, Rackspace Hosting (RAX) climbed nearly 10% after a better-than-expected third quarter. The cloud-computing company earned 26 cents a share, 6 cents above estimates, while revenue jumped 11% to $508.9 million and beat forecasts by nearly $6 million. The company expects fourth-quarter sales growth between 2% and 3%, above estimates of 1.7% growth.

Vodafone (VOD) moved higher after the telecom raised its full-year earnings guidance. The company expects full-year profit between 11.7 billion and 12 billion pounds compared to previous guidance of 11.5 billion pounds. The guidance factors in the company's first-half loss associated with infrastructure costs.

D.R. Horton (DHI - Get Report) climbed 2% after a recovery in the housing sector supported strong growth in its fourth quarter. The homebuilder earned 64 cents a share, 2 cents above estimates, while revenue jumped nearly 30% to $3.09 billion. Net sales orders climbed 19% to 8,477 homes.

Lions Gate (LGF) fell more than 6% after the media company reported a far wider loss than expected. By segment, motion pictures revenue fell 11%, while television production sales slumped 21%. The company should see a better second-half on young-adult franchise releases The Hunger Games: Mockingjay Part 2 and Allegiant.