Global  

Wall Street falls as CSX drops

Video Credit: Reuters Studio - Duration: 01:16s - Published
Wall Street falls as CSX drops

Wall Street falls as CSX drops

U.S. stock indexes fell on Wednesday as weak results from CSX stoked concerns that the U.S.-China trade war could dent corporate earnings.

Fred Katayama reports.

Stocks on Wall Street pulled back for a second day Wednesday.

Transport stocks were the biggest losers, dragging the S&P 500 lower.

Taking the steam out of transport stocks: CSX.

The railroad operator's shares tumbled after it reported disappointing profit and cut its full-year revenue forecast.

Rivals Union Pacific and Kansas City Southern also dropped.

Gerber Kawasaki financial advisor Robert Castillo: SOUNDBITE: GERBER KAWASAKI INVESTMENT ADVISOR REP ROBERT CASTILLO (ENGLISH) SAYING: "It's really a result of the tariff war.

A lot of the industrial companies such as CSX are starting to see a hit from this tariff war.

They were expecting a growth in their revenues of 1% to 2%.

Now they're expecting a decline in the revenues for the rest of 2019." Bank of America shares climbed.

Quarterly profit rose, beating expectations.

But the second largest U.S. lender cut its forecast for annual net interest income to reflect a declining interest rate environment.

Qualcomm shares rallied.

The Justice Department asked a federal appeals court to stall the enforcement of an antitrust ruling against the mobile chip maker.

After the markets closed, Netflix shares sank more than 10%.

The video streaming company added much fewer paid subscribers than expected in the second quarter after it raised prices in some markets.




You Might Like


💡 One News Page Knowledge: Other News Mentions

Wall Street Wall Street Street in Manhattan, New York

Asia defies Wall Street weakness but economy, election worries cap gains

SINGAPORE/NEW YORK - Asian stocks inched up on Friday, despite Wall Street declines, but struggled to make deeper gains as worries about a faltering economic..
WorldNews

Tech sell-off hits Wall St as jobless claims remain elevated

Wall Street's main indexes fell on Thursday after data showed high levels of weekly jobless claims, while technology-related stocks resumed their slide with..
WorldNews
Wall St. rocked by historically high jobless claims [Video]

Wall St. rocked by historically high jobless claims

The Dow ended lower for the first time in five sessions amid a broad-based sell across Wall Street after data showed high levels of weekly jobless claims. Conway G. Gittens has more.

Credit: Reuters Studio    Duration: 02:02Published

Wall Street posts solid gains after surge in corporate deals

Wall Street kicked off the week with a broad rally Monday, clawing back much of the stock market's losses from last week. The S&P 500 rose 1.3%, led by gains in..
WorldNews
Why The S&P 500 Could Drop 20% [Video]

Why The S&P 500 Could Drop 20%

S&P 500 could fall by as much as 20% in the coming weeks, Tim Hayes, senior strategist at Ned Davis Research, told Business Insider. "I would expect a decline of 15-20% and then we get a rally that maybe leaves us back where we are around now." Last week all three major Wall Street indices fell due to a sell-off in big US tech stocks. Hayes said the valuations are very optimistic. But he expects stocks to pick up after November once the US election is over.

Credit: Wochit News    Duration: 00:29Published

Fred Katayama journalist

LVMH may find most sales are final [Video]

LVMH may find most sales are final

France's LVMH faces an uphill battle in walking away from its $16 billion deal to buy U.S. jeweler Tiffany, with legal experts noting most mergers which end up in court are renegotiated rather than dissolved. Fred Katayama reports.

Credit: Reuters Studio    Duration: 01:26Published
Trump to block TikTok, WeChat downloads Sunday [Video]

Trump to block TikTok, WeChat downloads Sunday

The Trump administration will ban WeChat and video-sharing app TikTok from U.S. app stores starting Sunday night, a move that will block Americans from downloading the Chinese-owned platforms over concerns they pose a national security threat. Fred Katayama reports.

Credit: Reuters - Politics    Duration: 01:12Published
ByteDance faces big hurdles over TikTok [Video]

ByteDance faces big hurdles over TikTok

China's ByteDance faces an uphill struggle to convince the White House to allow it to keep majority ownership of its popular short video app TikTok in the United States, according to former national security officials and regulatory lawyers. Fred Katayama reports.

Credit: Reuters Studio    Duration: 01:51Published
U.S. consumer spending loses steam [Video]

U.S. consumer spending loses steam

U.S. consumer spending slowed in August, with a key retail sales gauge unexpectedly declining, as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the COVID-19 recession was faltering. Fred Katayama reports.

Credit: Reuters Studio    Duration: 01:16Published

S&P 500 Index S&P 500 Index Stock market index

Reasons To Be Bullish On Stocks [Video]

Reasons To Be Bullish On Stocks

2020 has been a wild ride for stocks. Business Insider reports that the market continues to face risks stemming from the COVID-19 pandemic. There is also election uncertainty, and the potential for heightened trade tensions with China. BI reports that investors should continue to hold on for the potential of more gains ahead. In a note, investment group LPL raised its year-end S&P 500 fair-value target to a range of 3,450 to 3,500, the note said.

Credit: Wochit News    Duration: 00:34Published
How Much Higher Could The S&P500 Climb? [Video]

How Much Higher Could The S&P500 Climb?

According to Business Insider, JPMorgan expects the S&P 500 to rise another 6% from current levels to a record 3,600 before the year is over. The S&P500's earnings recovery is "ahead of expectation." Tech stocks have done well, boosting the index. The S&P500 will continue to support its recovery while other sectors gain through the second half of the year, they added. JPMorgan expects S&P 500 firms' margins to fully recover from the pandemic by the second half of 2021.

Credit: Wochit News    Duration: 00:28Published
The S&P 500 Could Face Double Digit Corrections [Video]

The S&P 500 Could Face Double Digit Corrections

CFRA's Sam Stovall said that the recent S&P 500 pullback may be converted into a "low-level, double-digital correction." According to Business Insider, Stovall said that this will be an opportunity for investors to buy, not "bail." He feels the Fed is likely to keep interest rates low for the next few years. Stovall added that recent S&P 500 sell-off was not surprising. For Stovall, the "extreme" difference between price returns for growth stocks versus value stocks made the market vulnerable.

Credit: Wochit News    Duration: 00:27Published

Qualcomm Qualcomm American global semiconductor company

Microsoft reportedly launching Surface Pro X 2 in fall with new chip and color variant

Photo by Amelia Holowaty Krales / The Verge

Microsoft is reportedly planning to refresh its ARM-powered Surface Pro X this fall. Windows Central..

The Verge

Netgear’s new $509.99 5G hotspot is coming to AT&T on September 18th

Image: Netgear

AT&T has announced pricing and a release date for Netgear’s latest 5G hotspot, which it will start selling exclusively for $509.99 on..

The Verge

Facebook’s Oculus Quest 2 leaks in full via official promo videos

Image: Facebook Blueprint

The Oculus Quest 2 VR headset has leaked in full via a pair of promotional videos uploaded to a marketing hub run by parent..

The Verge

Nvidia is acquiring Arm for $40 billion

Nvidia said Sunday it is acquiring chipmaker Arm from SoftBank for $40 billion. Arm will operate as an division of Nvidia and will remain headquartered in the..
The Verge

SoftBank is reportedly preparing to sell ARM to Nvidia for more than $40 billion

Photo by Sam Byford / The Verge

SoftBank is reportedly is preparing to sell chipmaker ARM to Nvidia as early as next week in a deal worth more than..

The Verge

United States Department of Justice United States Department of Justice U.S. federal executive department in charge of law enforcement

US moves to seize $330m of alleged 1MDB assets held by UK law firm

Department of Justice says money in Clyde & Co’s account allegedly linked to Malaysian fraud scandal The US Department of Justice (DoJ) has moved to seize..
WorldNews

Justice Department seeking to charge protesters with sedition

The federal sedition law is used rarely but is aimed at charging individuals with overthrowing the government.
CBS News

Trump's unrestrained full partner? Attorney General William Barr echoes president in slamming DOJ

Attorney General William Barr launched an extraordinary rebuke of lawyers under his command that drew parallels to Trump's recriminations against the DOJ.

USATODAY.com

Attorney General Barr urges federal charges against violent protesters

Attorney General William Barr is calling on U.S. attorneys nationwide to seek federal charges against violent demonstrators. He even suggested invoking the..
CBS News

Attorney General William Barr brings up slavery when referring to quarantining during the pandemic

The attorney general made several shocking statements at a Constitution Day event sponsored by Hillsdale College. Catherine Herridge reports from the Department..
CBS News

Netflix Netflix American streaming service

'Julie and the Phantoms' Cast Talk Fan Reactions, Season 2 Wishlist | THR Interviews [Video]

'Julie and the Phantoms' Cast Talk Fan Reactions, Season 2 Wishlist | THR Interviews

The cast of Netflix's 'Julie and the Phantoms,' including Madison Reyes, Charlie Gillespie, Jeremy Shada, Owen Joyner, Booboo Stewart and Cheyenne Jackson, as well as director Kenny Ortega, talk about bringing their new Netflix series to life.

Credit: The Hollywood Reporter    Duration: 05:49Published

The Devil All the Time is only good some of the time

Image: Netflix

Throughout The Devil All the Time’s sprawling story — which unfolds across generations, families, and two wars that shaped them all..

The Verge

'Cheer' Coach Monica Aldama Shocked and Devastated by Jerry Harris Arrest

Jerry Harris' cheerleading coach, Monica Aldama, says her "heart is shattered into a million pieces" following Jerry's arrest for child pornography. Monica --..
TMZ.com

New leak of Google’s next Chromecast shows full remote with dedicated Netflix and YouTube buttons

Image: WinFuture

We might have just gotten our best look yet at the long-rumored new Chromecast and its dedicated remote, thanks to what appear to be..

The Verge

Sarah Paulson on new Netflix series "Ratched" and revisiting iconic "Cuckoo's Nest" character

Sarah Paulson joins "CBS This Morning" to discuss her new Netflix series "Ratched," which is inspired by the iconic character, asylum nurse Mildred Ratched, from..
CBS News

Bank of America Bank of America American multinational banking and financial services corporation

BOA Boosts Third Quarter GDP Growth [Video]

BOA Boosts Third Quarter GDP Growth

Economists at Bank of America lifted their forecast for third-quarter US GDP growth to 27% from 15% on Friday. Business Insider reports better-than-expected trends in retail sales, the housing market, and hiring. BoA lowered its fourth-quarter projection to 3% from 5%. Failed stimulus negotiations are growing increasingly likely. No new aid could be a speed bump for the American economy. BoA made the adjustment after Senate Democrats blocked Republicans' $500 billion measure on Thursday.

Credit: Wochit News    Duration: 00:38Published
BoA: Upgrades Tesla [Video]

BoA: Upgrades Tesla

On Friday, Bank of America upgraded Tesla to "neutral" from "underperform." It raised its price target to $1,750 from $800. The firm's new price target implies an 8% upside for Tesla shares over the next year. Business Insider reports that shares of Tesla ticked up as much as 4% on Friday. Morgan Stanley also boosted its price target and rating on the automaker.

Credit: Wochit News    Duration: 00:28Published
BoA: Reasons To Buy Discount Store Stocks [Video]

BoA: Reasons To Buy Discount Store Stocks

Business Insider reports that banks' and tech giants' earnings largely impressed Wall Street. Bank of America says discount stores are set to post similarly positive results, according to Bank of America. BoA analysts expect the sector's second-quarter figures to hold strong thanks to rising food sales and improvement in general merchandise revenue. Thanks to momentum in higher-profit categories and successful online operations Walmart, Target, and Dollar Tree are in good positions.

Credit: Wochit News    Duration: 00:50Published
Apple Downgraded By BoA [Video]

Apple Downgraded By BoA

On Wednesday, Bank of America analysts downgraded Apple, Inc. To BoA, Apple's surging stock price doesn't present the strong risk-reward profile it once did. BoA downgraded Apple to "neutral" in a note. It said Apple's recent rally to record highs faces too many risks to recommend buying more shares. Business Insider said Apple's future performance could slip if 5G iPhones miss expectations or sell worse than estimated. Services may also shrink after several quarters of "unsustainable" growth.

Credit: Wochit News    Duration: 00:34Published
Buffett's Apple Stake Triples In Value [Video]

Buffett's Apple Stake Triples In Value

Warren Buffett's investment in Apple has tripled in value to north of $100 billion. Buffett's Berkshire Hathaway spent about $35 billion to build the 5.7% stake in Apple The 10% rise in Apple's stock price on Friday boosted its value to about $104 billion. Business Insider reports that Berkshire's Apple position is now worth more than four times its second-largest holding, Bank of America. Industry analysts call Buffett's investment into Apple "one of the best investments ever."

Credit: Wochit News    Duration: 00:28Published

Related news from verified sources

Wall Street falls as CSX results point to damage from trade tensions

U.S. stock indexes dipped on Wednesday as weak results from CSX Corp stoked concerns that the...
Reuters India - Published Also reported by •Reuters


One of the US's largest railroads just slashed its profit forecast and gave a dire warning about President Trump's trade war (CSX)

One of the US's largest railroads just slashed its profit forecast and gave a dire warning about President Trump's trade war (CSX) · *CSX reported second-quarter results on Tuesday that missed Wall Street's expectations on both top...
Business Insider - Published

CSX 2Q profit down 1% on weaker volume

JACKSONVILLE, Fla. (AP) — CSX second-quarter profit slipped 1%, falling short of what Wall Street...
SeattlePI.com - Published Also reported by •Seattle Times



Tweets about this


Related videos from verified sources

Jim Cramer Breaks Down Big Tech's Excursion to Capitol Hill, and CSX Earnings [Video]

Jim Cramer Breaks Down Big Tech's Excursion to Capitol Hill, and CSX Earnings

We're halfway through the week, y'all. Jim Cramer weighs in on why he's keeping a close eye on Big Tech as Facebook , Amazon and Alphabet head to Capitol Hill, CSX's CSX earnings and his thoughts..

Credit: The Street     Duration: 07:27Published
CSX working on test runs at Howard Street Tunnel [Video]

CSX working on test runs at Howard Street Tunnel

CSX is working on test runs at the Howard Street Tunnel after it was shut down due to a water main break, collapse downtown.

Credit: Rumble     Duration: 02:28Published