Closing Bell: Biogen Spikes on Takeover Talk; Crude Closes Near Four-Month Low

U.S. stocks held near lows through to the end of the session as crude oil closed below $40 a barrel, its lowest level since April, on continued supply worries. Auto names were also lower after carmakers reported a weaker July. The discretionary consumer goods sector was the worst performer on markets, weighed down by those auto stocks. The selloff dragged Fitbit (FIT) - Get Report , Time Warner (TWX) , and Tesla (TSLA) - Get Report  lower, all of which are due to report earnings either Tuesday afternoon or Wednesday. Seagate (STX) - Get Report reported a better-than-expected fourth quarter. Earnings were sharply lower than a year earlier, though, pulled low by its continued strategy of cost cuts. Biogen (BIIB) - Get Report spiked in late-afternoon trading after reporting drawing takeover interest from industry peers Merck (MRK) - Get Report and Allergan (AGN) - Get Report . Communications have been informal, according to The Wall Street Journal. TheStreet's Keris Lahiff reports from Wall Street.