US: Wall Street falls as CSX results signal damage from trade tensions

[NEW YORK] US stock indexes fell on Wednesday as weak results from CSX Corp stoked concerns that the protracted trade war between the United States and China could hurt corporate earnings.

The losses in shares of rail companies helped push down the S&P 500 industrials index, whose 2.2 per cent slide was the largest among the S&P's 11 major sectors. The Dow Jones Transportation Average fell 3.6 per cent.The Federal Reserve's Beige Book, a compendium of anecdotes from US businesses, also pointed to trade-related pressures on transportation and manufacturing companies.

The Dow Jones Industrial Average fell 115.78 points, or 0.42 per cent, to 27,219.85, the S&P 500 lost 19.62 points, or 0.65 per cent, to 2,984.42 and the Nasdaq Composite dropped 37.59 points, or 0.46 per cent, to 8,185.21. Profit for S&P 500 companies is expected to rise 0.4 per cent in the second quarter from a year ago, according to Refinitiv IBES data.

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