Midday Report: Carmakers Have Decent January; Stocks Slump

U.S. stocks bottomed out at session lows on Tuesday as oil tumbled and earnings from energy giants BP (BP) and Exxon Mobil (XOM) led the energy sector in a selloff. Hopes of production cuts from Russia and OPEC have faded since last week. It's auto sales day with carmakers reporting how they fared in January. Fiat Chrysler (FCAU) was one of the best performers with sales up 7% compared to what industry watchers had expected would be a flat month. Ford (F) reported a decline, though it was just half what analysts expected. GM (GM) saw sales climb 0.5%, driven by sales growth in its GMC and Buick brands. Tesla (TSLA) fell after Pacific Crest issued a bearish call on the stock. Analysts said fiscal 2015 losses will come in higher than expected after channel checks suggested disappointing final-quarter sales. TheStreet's Keris Lahiff reports from New York.