Midday Report: Fitbit Suffers From Weak Wearables Demand; Crude Stocks Rise

The Nasdaq pulled sharply lower, trailing the rest of the market, as a mixed reaction to Tesla's recent quarter led to a selloff. Meanwhile, the Dow Jones IndustrialAverage was in flux and could snap its longest record-breaking streak in three decades if it ends in the red. Crude oil held higher even on gains in U.S. stockpiles over the past week. The Energy Information Administration reported an increase of 600,000 barrels to weekly domestic supplies. Fitbit (FIT) - Get Report reported a wider-than-expected loss and sharp decline in sales over its recent quarter. The company has suffered from increased competition and weakening demand in the wearables market. Payments company Square (SQ) - Get Report reported a narrower loss than anticipated over its fourth quarter with sales growth in the double digits. Quarterly revenue surged nearly 21%.