Home Trading ETFsStock Market Stocks- Trade Worries Drag Market Lower By Investing.com

Stocks- Trade Worries Drag Market Lower By Investing.com

by Investing.com
© Reuters.

Investing.com – You normally don’t think much about railroads, but they move goods from Point A to Point B.

Late Tuesday, CSX (NASDAQ:), which operates in the East and South, loudly noted that economic uncertainty, caused in part by the trade disputes between the United States and China, aren’t good for the railroad’s business.

CSX (NASDAQ:) Shares slumped more than 10% on Wednesday; other railroad shares fell too. Norfolk Southern (NYSE:) fell 7.5%; Union Pacific (NYSE:) slumped by 6.5% That pulled the average 3.6% lower — and the entire market.

The fell 0.65%. The fell 0.4%, and the fell 0.46%. The was off 0.48%, with CSX (NASDAQ:) by far its biggest loser.

The CSX losses were felt by FedEx (NYSE:), United Parcel Service (NYSE:) and shipping company Landstar System (NASDAQ:). Truck manufacturer PACCAR (NASDAQ:) also fell on CSX CEO JIm Foote’s comment in Tuesday’s conference call that a big expansion of the national trucking fleet has pressure freight rates for truckers and railroads.

Stocks weren’t the only casualties on Wednesday. Oil prices fell again. WTI crude fell 1.5% to $56.78 a barrel. , however, moved $12.10 higher to $1,423.30 an ounce after the International Monetary Fund said the U.S. dollar was overvalued. The fell 0.2%.

Industrials, energy, chemicals and real estate stocks were lower. Techs, healthcare and utilities moved higher.

Exxon Mobil (NYSE:), Chevron Corp (NYSE:) and Schlumberger (NYSE:) and Halliburton (NYSE:) were among the casualties of lower oil prices. Nordstrom (NYSE:), Macy’s (NYSE:)and Kohls (NYSE:) all fell.

NVIDIA (NASDAQ:), Micron Technology (NASDAQ:) Intel (NASDAQ:) were among the stronger tech stocks.

But the biggest tech stocks, including Microsoft (NASDAQ:), Amazon.com (NASDAQ:), Apple (NASDAQ:), Google parent Alphabet (NASDAQ:) and Cisco Systems Inc (NASDAQ:) were all lower.

Microsoft reports fiscal-fourth-quarter results after Thursday’s close.

Interest rates moved lower, as investors continue to see the Federal Reserve cutting its key federal funds rate by a quarter-point at its July 30-31 meeting. The Treasury yield fell to 2.059% from 2.12% on Tuesday.

S&P 500 Winners and Losers

Corporate-uniform maker Cintas (NASDAQ:), candy-maker Hershey (NYSE:) and pharmaceutical company Abbott Laboratories (NYSE:) were among the top S&P 500 performers

CSX (NASDAQ:), defense contractor Textron (NYSE:) and Norfolk Southern (NYSE:) were among the worst S&P 500 performers.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Related Articles

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy