Midday Report: Tesla Climbs on China Sales; Energy Stocks Slide

Stocks moved slightly lower in midday trading Monday as the energy sector sold off ahead of several key earnings reports from the industry's largest players later this week. Major oilers Exxon Mobil (XOM) and Chevron (CVX) are due to release their quarterly performance on Friday. Tesla (TSLA) climbed after reporting its strongest quarterly results in China ever. CEO Elon Musk recently said that sales in China could match the U.S. in as few as five years. Since the beginning of the year, the carmaker has sold just over 3,000 models. Auto parts retailer Pep Boys (PBY) rocketed higher after agreeing to be acquired by Bridgestone for more than $800 million. The housing market showed a rare spot of weakness in September after new home sales fell at to their lowest rate in 10 months.