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Stocks Drop as Earnings Roll In; Treasuries Climb: Markets Wrap

  • BofA counters trading slump with gains in consumer banking
  • Dow Transports tumbles after CSX trims its sales forecast
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A panel of experts talk about the Federal Reserve’s ability to insulate markets from trade tensions.Markets: The Open." (Source: Bloomberg)
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U.S. stocks fell as investors assessed mixed corporate earnings amid concern over the U.S.-China trade spat. Treasuries rallied.

Industrials led the S&P 500 Index below 3,000, with CSX Corp. plunging 10% after a weakened sales forecast stoked fears of a prolonged freight slump. The Dow Jones Transportation Average, a barometer of economic growth, tumbled. Bank of America Corp. advanced as gains in its retail division drove overall profit to a record. In after-hours trading, Netflix Inc. sank on a surprise loss of U.S. customers for the second quarter, while International Business Machines Corp. climbed as its operating earnings beat analysts’ estimates.