* CSX slides after profit miss, weighs on rivals
* Abbott climbs after FY profit raise
* Qualcomm up as DoJ asks to pause antitrust ruling
By Medha Singh and Uday Sampath Kumar
July 17 (Reuters) - U.S. stock indexes retreated for thesecond day on Wednesday as weak results from CSX Corp pressuredrailroad stocks and highlighted the wide-ranging impact of thelong drawn out trade war between the United States and China.
Shares of CSX CSX.O tumbled 10.3% and were set for theirbiggest one-day drop in nearly 17 years, after the companyposted lower-than-expected quarterly profit and cut itsfull-year revenue forecast. urn:newsml:reuters.com:*:nL2N24H1M5
Rivals Union Pacific CorpUNP.N slipped 4.7% and KansasCity Southern KSU.N fell 3.9%. Both companies will reportresults this week.
Losses in CSX also pushed the Dow Jones Transport Average .DJT down 2.72%. The S&P 500 industrials .SPLRCI , with a1.21% decline, was the top loser among the 11 main sectors.
Since a sharp fall in May, Wall Street's main indexes havetrended higher to hit record highs on hopes that the FederalReserve would cut interest rates at its policy meeting at theend of this month.
The market's recent run-up on optimism around a Fed rate cutis likely why there is somewhat of a breather now, said BarryJames, chief investment officer of advisory firm JamesInvestment Research in Alpha, Ohio, adding that trade tensionsremained an overhang.
"There's still a lot of risk in the market like massiveamounts going into passive rather than active managers andvaluations being elevated, so we could run into potholes as wedid back in December and May," James said.
At 11:22 a.m. ET, the Dow Jones Industrial Average .DJI was down 47.70 points, or 0.17%, at 27,287.93, the S&P 500 .SPX was down 8.54 points, or 0.28%, at 2,995.50. The NasdaqComposite .IXIC was down 11.87 points, or 0.14%, at 8,210.92.
However, Abbott LaboratoriesABT.N rose 3.9% after themedical device maker topped quarterly profit estimates andlifted its full-year adjusted earnings forecast. urn:newsml:reuters.com:*:nL4N24I2MU
Bank of America CorpBAC.N rose 1% after posting a profitbeat, but the lender lowered its annual net interest incomeforecast.
This follows similar warning signs from JPMorganJPM.N ,CitigroupC.N and Well Fargo WFC.N , which reported a dip inmargins and stoked fears of interest rate cuts pressuringprofit. urn:newsml:reuters.com:*:nL4N24I2H5
Profit for S&P 500 companies is expected to rise 0.4% in thesecond quarter from a year ago, according to Refinitiv IBESdata. Of the 43 companies in the S&P 500 that have reported sofar, 83.7% have beaten analysts' estimates.
Qualcomm IncQCOM.O rose 1.2% after the U.S. JusticeDepartment asked a federal appeals court to pause theenforcement of a sweeping antitrust ruling against the mobilechip supplier. urn:newsml:reuters.com:*:nL2N24H1S1
The Philadelphia Semiconductor Index .SOX rose 0.56%, alsohelped by strong quarterly profit from Dutch chip equipmentmaker ASMLASML.ASASML.O . urn:newsml:reuters.com:*:nL8N24I0MC
Declining issues outnumbered advancers for a 1.62-to-1 ratioon the NYSE and for a 1.56-to-1 ratio on the Nasdaq.
The S&P index recorded 23 new 52-week highs and no new low,while the Nasdaq recorded 39 new highs and 67 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty) ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,outside U.S. +91 80 6749 1130; Twitter: https://twitter.com/medhasinghs; Reuters Messaging: email@example.com))