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Wall Street falls as CSX drops

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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.


Wall Street falls as CSX drops

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.

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