The markets  were lower today as some of the main consumer stocks sold off following economic reports this morning. The Dow 30 lost 52, the S&P 500 lost 8, and the Nasdaq 100 fell 26. Tomorrow the focus will be on how the markets respond to the all powerful Apple's earnings.

Apple (AAPL  ) will be the major focus after the close today as the company will be releasing their quarterly earnings report. Analysts are curious to see if the company will report its third consecutive quarter of declining iPhone sales. It is also possible that earnings may fall year-over-year for the third time. Remember that Apple has the biggest market value of any company in the S&P 500, so whatever the outcome it will surely affect the market tomorrow. Investors are also eager to hear about sales of the iPhone 7, which was introduced in September and won't be reflected significantly in today's earnings report. Shares were mostly flat (+0.51%) ahead of the earnings report.

General Motors (GM  ) suffered a rather large -4.21% decline today despite earnings and revenue that raced past analysts' estimates last quarter. GM boasted record revenue, and profits that more than doubled from a year ago thanks to strong SUV and truck sales in the US and continued strength in China. Despite all this, investors took the opportunity to exit on the news.

Caterpillar (CAT  ) sold off 1.76% today after the company announced earnings that topped analysts' estimates. The reason for the decline can be blamed on revenue, which fell short of expectations. Revenue fell more than 16% from a year ago. The company also cut its outlook for the year as it sees economic weakness in the global economy persisting. Shares are still up over 26% for the year.

Merck (MRK  ) added 1.98% today after beating estimates on both its top and bottom lines for the third quarter. Profit jumped nearly 20% from a year ago, driven largely by "strong demand for its new cancer drug Keytruda."