US benchmark equity indexes were lower ahead of Wednesday's close as traders assessed the latest corporate earnings and economic data while awaiting Tesla's results. The Nasdaq Composite was down 1.7% at 18,258.6, while the Dow Jones Industrial Average and the S&P 500 fell 1% each to 42,501.8 and 5,794.2, respectively.

Among sectors, technology and consumer discretionary saw the steepest declines. Only real estate and utilities were in the green. Shares of Enphase Energy and CoStar Group fell sharply following the companies' latest financial results. AT&T saw an increase. Electric vehicle maker Tesla is scheduled to report results after the closing bell, along with other major names like T-Mobile US, IBM, ServiceNow, and O'Reilly Automotive. The US 10-year yield rose three basis points to 4.24%, while the two-year rate increased 4.1 basis points to 4.08%. US existing home sales unexpectedly fell in September, though signs usually tied to higher sales are emerging, according to data released by the National Association of Realtors. Mortgage application volume in the US declined for the fourth consecutive week to its lowest point since July amid lower purchase and refinancing activities, the Mortgage Bankers Association said. West Texas Intermediate crude oil was down 1.4% at $70.77 a barrel..