Midday Report: Tesla Reaches Record Deliveries, Big Loss; Crude Oil, Energy Names Sells Off

Stocks moved mostly lower as worrying advertising trends led to a selloff in the media sector. Energy names were also sharply lower as crude oil prices pulled to their lowest levels since November. Factory orders in March grew at half the pace expected by analysts, slowing from an increase of more than 1% in February. New orders for manufactured goods have risen in eight of the past nine months. Tesla (TSLA) - Get Report was a major drag on Wall Street after posting a far wider quarterly loss than expected. That was even as revenue increased in the triple-digit percentages, while deliveries reached a new quarterly record. Initial production of its Model 3 remains on track for July. Square (SQ) - Get Report surged on a better-than-expected first quarter and surprise profit. Sales jumped nearly 22% and exceeded targets.