Day Traders Diary
The major averages fell on Wednesday following disappointing corporate earnings from the likes of CSX, dragging down the transportation average by 3.6%, wiping out its monthly advance. The Dow Jones Industrial Average dropped 115 points, or 0.42%. The S&P 500 slid 0.65% while the Nasdaq Composite dropped 0.46%.
The major averages took a leg lower in the middle of the day after the Wall Street Journal reported that progress on a trade deal with China had stalled over restrictions on Huawei.
The industrials sector fell 2.2%, nearly doubling the losses of the second-worst performing energy sector down 1.2%. There were some bright spots in the space with Boeing and United Airlines. United rose 1% following earnings.
Corp/employee uniform maker, Cintas jumped 8% following better-than-expected earnings results. Abbott Labs rose 3.3% lending support to the drug sector.
More than 7% of S&P 500 companies have reported second-quarter earnings thus far with 85% beating analyst expectations. The reported earnings growth for these companies has been 3.1%.
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