Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and operates an intermodal network. As of December 31, 2023, the company operated approximately 19,100 route miles in 22 states and the District of Columbia. Norfolk Southern Corporation was incorporated in 1980 and is headquartered in Atlanta, Georgia.

Norfolk Southern looks like a high-quality but already expensive railroad asset: operating margin of 32.19% and net margin of 21.00% remain very strong for the industry, while ROE of 16.79% confirms solid returns on capital. At the same time, almost all key profitability metrics have been declining in recent years: operating margin, gross margin, ROE, ROI, and net profit margin were higher before than they are now, which suggests some cooling in operating momentum. Revenue and earnings remain high, but the trend does not look like it is accelerating: revenue and net income have fluctuated in recent periods rather than growing in a sustained trend. The balance sheet is generally acceptable, but liquidity is weak: current ratio of 0.83 and quick ratio of 0.73 are noticeably below industry benchmarks, limiting financial flexibility. Debt/equity of 0.98 and long-term debt of about $15.97 billion point to a meaningful debt burden, although it does not appear critical for an infrastructure business. On the other hand, equity is growing, and total liabilities have declined slightly over the year, which partially mitigates the risk. The main limiting factor for valuation is elevated multiples: P/E of 28.86, P/S of 5.62, P/B of 4.67, and especially P/FCF of 39.97 are significantly above the industry median, meaning the market is already pricing in a high level of quality. Dividend yield has fallen to zero, so shareholder returns through dividends are not currently supporting the investment case. Overall, the fundamentals remain strong, but not improving enough to justify an aggressive increase in the target valuation. For an investor, this is more of a story about a stable business with good profitability, but limited upside due to an expensive valuation and weakening in some operating trends.

Norfolk Southern Corporation

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, незначительно вырос. Рынок на стороне быков.

Strong index, slightly up. The market is on the bulls' side.

Средний индекс, незначительно вырос. Приток средств в лонги остается положительным.

Medium index, slightly up. The inflow of funds into longs remains positive.

NSC’s strong profitability and margins are paired with expensive valuation multiples, weak liquidity, and a slowdown in several key metrics.

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Norfolk Southern (NSC) Q3 2026 Earnings Call Transcript

CSX Corporation (CSX) looks expensive from a valuation standpoint. Considering the forward 12-month price-to-sales ratio (P/E-F12M), CSX is trading at a premium compared to the industry.
The stock has a forward 12-month P/E-F12M of 21.61X compared with 20.66X for the industry over the past five years. The company’s forward 12-month P/E-F12M ratio is also above the median level of 17.35X over the past five years. These factors indicate that the stock’s valuation is unattractive. CSX has a Value Score of F.
CSX P/E Ratio (Forward 12 Months) Vs. Industry
Now, the question is whether it is worth buying, holding, or selling the CSX stock at current prices. Let us delve deeper to find out.
Headwinds Weighing on CSX Stock
Rail network issues due to headwinds like locomotive or crew/labor shortages and other service disruptions represent a major challenge for CSX. Network issues or supply chain constraints are likely to adversely impact service levels, in turn hurting operating efficiency or volume of shipments. High labor costs and elevated operating expenses are hurting the bottom line.
CSX’s service metrics weakened in second-quarter 2026 as higher-than-expected volume met tighter crew availability. Management expects sequential service improvement, but sustained volume growth could continue to test network fluidity and execution.
Coal market weakness is another headwind for CSX. The coal business remains subject to secular pressures from greener alternatives, which is leading to the planned retirement of coal units. The weak coal market has resulted in below-par coal revenues. Revenues fell 15% and volume declined 2% in 2025. In second-quarter 2026, coal revenue rose 9% and volume increased 4%, but domestic coal tonnage fell 2%. Management expects stable-to-positive conditions, yet the domestic market has declined over the last decade, and export coal remains volatile.
Macroeconomic concerns are leading to a tough freight environment. Risks associated with an economic slowdown, geopolitical tensions and tariff-induced economic uncertainty do not bode well for railroad stocks like CSX.
CSX Stock’s Price Performance
Shares of CSX stock have gained 29.5% so far this year, outperforming the Zacks Transportation - Rail industry’s 19.4% surge, as well as that of other industry players, Norfolk Southern Corporation NSC and Canadian National Railway Company (CNI), within the same time frame.
CSX Stock’s YTD Price Comparison
Factors Working in Favor of CSX Stock
CSX is benefiting from broader volume growth, pricing and cost discipline across its rail franchise. CSX's upbeat outlook for 2026 is noteworthy as well. For 2026, CSX now expects mid-to-high single-digit revenue growth (including fuel, based on the current forward curve for diesel) compared with its prior guidance of mid-single-digit revenue growth. Operating margin expansion is now anticipated to exceed 350 basis points compared with the previous expectation of around the higher end of the 200-300 basis points range. Free cash flow is now anticipated to increase more than 80% compared with the prior expectation of growth of more than 60%.
CSX’s focus on improving workplace safety for employees is also commendable. CSX continues to reduce incidents through training, technology and operating discipline. As a reflection of this, the Federal Railroad Administration or FRA Personal Injury Frequency Index, a measure of the number of FRA-reportable injuries per 200,000 man-hours, improved to 0.94 in 2025 from 1.23 in 2024, while the train accident rate fell to 3.08 from 3.56. In second-quarter 2026, the injury rate improved another 19% year over year to 0.83, and the train accident rate improved 30% to 2.72. Management plans further gains through risk awareness, field engagement and applied technology.
CSX's consistent efforts to strengthen its relations with its employees are reflected through the ratification of multiple collective bargaining agreements with the Brotherhood of Railroad Signalmen and the International Brotherhood of Boilermakers, Iron Ship Builders, Forgers & Helpers; the Brotherhood of Locomotive Engineers and Trainmen.Such deals reflect the employee-friendly attitude of CSX, through which it strives to maintain cordial relations with its employees and the unions representing them, thereby providing a healthy work environment at CSX.
CSX’s continued use of dividends and share repurchases reflects a disciplined capital-allocation policy.Such shareholder-friendly initiatives should boost investor confidence and positively impact the bottom line.
What Do Earnings Estimates Say for CSX?
The positive sentiment surrounding CSX stock is evident from the fact that the Zacks Consensus Estimate for the third quarter of 2026 earnings has been revised upward in the past 90 days. The consensus mark for full-year 2026 and 2027 earnings has also been projected upward in the past 90 days.
The favorable estimate revisions indicate brokers’ confidence in the stock.
Time to Retain CSX Stock
CSX’s outlook is supported by better volume, pricing and cost execution, with management raising its full-year revenue, margin and free cash flow expectations. Safety trends also remain favorable, while broader labor agreements and continued dividends and share repurchases support the operating and shareholder-return profile.
Despite capital returns remaining solid, we advise investors not to buy CSX stock now. Service execution still needs work after higher dwell and weaker trip-plan performance in the second quarter. Coal remains exposed to long-term domestic demand decline and export-rate volatility despite a better near-term backdrop. Rail network issues due to headwinds like locomotive or crew/labor shortages and other service disruptions and weakness pertaining to freight revenues and volumes, continue to weigh on CSX performance. Unattractive valuation acts as another concern.
Considering all the aforesaid factors, we advise investors to wait for a better entry point. For those who already own the stock, it will be prudent to stay invested. The company’s current Zacks Rank #3 (Hold) justifies our analysis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Should Investors Hold CSX Stock Despite Its Higher Valuation?

(RTTNews) - Tuesday, Union Pacific Corp. (UNP) and Norfolk Southern Corp. (NSC) announced that the Surface Transportation Board or STB has unanimously denied merger opponents' requests to dismiss the companies' revised merger application.
This move allows the board to continue its review of the most comprehensive merger analysis ever submitted in support of a major rail transaction.
The facts provided in the application suggest that a seamless, coast-to-coast railroad will provide customers with more efficient and affordable freight transportation options and remove more than 2 million truckloads from taxpayer-funded highways.
Also, the International Association of Sheet Metal, Air, Rail and Transportation's Railroad Mechanical Department has entered a jobs-for-life agreement with the railroads. The company added that the merger has support from a majority of unions representing Union Pacific and Norfolk Southern employees.
The two companies expect the transaction to be completed in the second half of 2027.
Currently, UNP is trading at $270.97, up 0.50 percent and NSC is trading at $311.13, up 0.67 percent on the NYSE.

Union Pacific, Norfolk Southern Merger Review Advances As STB Rejects Opponents' Dismissal Requests

In trading on Monday, shares of Norfolk Southern Corp (Symbol: NSC) crossed below their 200 day moving average of $310.50, changing hands as low as $308.61 per share. Norfolk Southern Corp shares are currently trading down about 1.7% on the day. The chart below shows the one year performance of NSC shares, versus its 200 day moving average:
Looking at the chart above, NSC's low point in its 52 week range is $277.80 per share, with $358.595 as the 52 week high point — that compares with a last trade of $309.43. The NSC DMA information above was sourced from TechnicalAnalysisChannel.com
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
Further NSC Research:

Norfolk Southern Corp Breaks Below 200-Day Moving Average - Notable for NSC

Key Points
Mark R. George executed the disposition of 1,035 shares at $323.30 per share on September 13, 2026.
The transaction size equals 5% of the total direct equity position held prior to the filing.
The disposition was a non-discretionary event executed to satisfy tax withholding obligations upon the settlement of restricted stock units.
The direct equity holdings of the President & CEO increased from 21,165 shares to 22,783 shares following the underlying vesting event.
Mark R. George, President & CEO of Norfolk Southern Corporation (NYSE:NSC), disposed of 1,035 shares of common stock on Sept. 13, 2026, for a total value of ~$335,000, according to a recent SEC Form 4 filing.
Transaction summary
Transaction value
~$335,000
Shares sold
1,035
Post-transaction shares (directly held)
22,783
Post-transaction value
$7.29 million
Transaction value based on SEC Form 4 weighted average sale price ($323.30).
Key questions
What was the technical catalyst for this disposition?
The transaction was a non-discretionary execution to cover tax liabilities associated with the second of three installments of restricted stock units granted in Sept. 2024.
How did the underlying vesting event impact the overall direct position?
The total direct equity position increased by 1,618 shares because the 2,653 units that settled into common stock exceeded the number of shares withheld for taxes.
What is the status of the remaining equity compensation for the President & CEO?
Mark R. George continues to hold 29,664 direct derivative securities, which include both vested and unvested awards that provide future equity participation.
What is the current scale of the executive's ownership stake?
Following this transaction, the direct ownership stake held by Mark R. George represents 0.0101% of Norfolk Southern Corporation, which has a market capitalization of $71.6 billion as of Sept. 15, 2026.
Company Overview
Share Price (as of market close 2026-09-14)
$320.05
Market Capitalization
$71.6 billion
Revenue (TTM)
$12.5 billion
Net Income (TTM)
$2.6 billion
Company Snapshot
Norfolk Southern operates as a comprehensive rail freight transportation provider, generating revenue through the conveyance of diverse commodities including agricultural products, minerals, chemicals, automotive components, and intermodal containers across an extensive North American network.
The company generates revenue through freight transportation services that leverage its extensive rail infrastructure and logistics capabilities to move raw materials, semi-finished goods, and completed merchandise for industrial and commercial customers.
Norfolk Southern serves a diversified customer base spanning agricultural producers, mining operations, chemical manufacturers, automotive suppliers, and retail distributors, positioning itself as a critical infrastructure provider for the U.S. industrial economy.
Norfolk Southern Corporation is a leading Class I railroad operator in the United States with a market capitalization of $71.6 billion and TTM revenue of $12.5 billion, employing approximately 19,300 professionals across its operations. The company maintains a competitive advantage through its extensive rail network infrastructure, established customer relationships, and integrated logistics capabilities that facilitate efficient movement of freight across North America. As a critical transportation provider, Norfolk Southern benefits from structural demand for rail freight services driven by economic activity, industrial production, and the cost efficiency of rail transport relative to alternative logistics solutions.
What this transaction means for investors
Insider transactions aren't always what they seem. Some investors may incorrectly assume that all insider transactions are bearish indicators. However, it's important to remember that many of these transactions occur for rather mundane reasons. Insiders often sell as the result of wealth management strategies involving taxes and estate planning. Therefore, it's best for retail investors to review a company's fundamentals. With that in mind, let's have a look at Norfolk Southern (NSC).
To begin, we should review how NSC stock has performed recently. Since 2021, the stock has generated a total return of 43%, equating to a compound annual growth rate (CAGR) of 7.4%. The S&P 500, meanwhile, has delivered a total return of 81%, with a CAGR of 12.6%.
As for its underlying metrics, they paint a mixed picture for NSC. On the positive side, revenue has improved over the last few years. Total revenue has grown from $10.9 billion in 2021 to $12.5 billion now. The company has also done a solid job of reducing its outstanding shares, which helps return value to shareholders by increasing the value of the remaining shares. Total shares outstanding has fallen to 225 million, from a five-year high of 242 million in 2021, an overall reduction of about 7.7%.
On the other hand, some metrics haven't been as good. Operating margin, for example, has fallen to 32.1%, down from a five-year high of 39.2% in 2022. What's more, net income stands at $2.6 billion, down from a five-year high of $3.3 billion in 2025. Lastly, net debt has increased, growing from around $12.0 billion in 2021 to $15.6 billion now.
In summary, NSC stock has underperformed the stock market in recent years. Its mixed fundamentals paint a picture of a company that has failed to consistently improve core metrics. Granted, the company has faced headwinds, including rising costs for fuel and labor. At any rate, some investors seeking an industrial stock may elect to look elsewhere for the time being.
Should you buy stock in Norfolk Southern right now?
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CEO of Iconic Railroad Stock Unloads More Than 1,000 Shares

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares U.S. Infrastructure ETF (Symbol: IFRA) where we have detected an approximate $267.7 million dollar outflow -- that's a 5.8% decrease week over week (from 75,300,000 to 70,900,000). Among the largest underlying components of IFRA, in trading today CSX Corp (Symbol: CSX) is up about 0.8%, Norfolk Southern Corp (Symbol: NSC) is up about 1%, and United Rentals Inc (Symbol: URI) is lower by about 0.4%. For a complete list of holdings, visit the IFRA Holdings page » The chart below shows the one year price performance of IFRA, versus its 200 day moving average:
Looking at the chart above, IFRA's low point in its 52 week range is $50.66 per share, with $64.25 as the 52 week high point — that compares with a last trade of $60.71. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further IFRA Research:

IFRA, CSX, NSC, URI: ETF Outflow Alert

The S&P 500 Index ($SPX) (SPY) is up by +0.58% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.55%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.07%. E-mini S&P futures (ESU26) are up +0.61%, and September E-mini Nasdaq futures (NQU26) are up +0.05%.
Stock indices are moving higher today, with the Nasdaq 100 rebounding from a 1.5-week low. The broader market is supported today by lower US bond yields. The 10-year T-note yield dropped -6 bp to 4.64% today after the US Treasury announced that it will boost liquidity and double the size of buybacks for longer-dated nominal coupon securities to at least $4 billion. However, weakness in chipmaker and AI-infrastructure stocks continued today, limiting gains in the Nasdaq 100.
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Also, on the positive side for stocks, Moderna surged more than +120% today after announcing a positive result from its personalized cancer vaccine trial with Merck & Co. In addition, the Trump administration today delayed 50% tariffs on some Canadian products for three days, less than two hours before the tariffs were set to take effect, saying that the two sides had reached a tentative agreement.
US MBA mortgage applications fell -0.4% in the week ended August 14, with the purchase mortgage sub-index down -2.0% and the refinancing mortgage sub-index up +1.5%. The average 30-year fixed-rate mortgage was unchanged from the prior week at 6.77%.
The lack of a clear path to a resolution in the Middle East is keeping the Strait of Hormuz closed and limiting crude supplies from the Middle East, keeping upward pressure on oil prices. Sep WTI crude oil prices (CLU26) climbed to a fresh 3-week high today as Middle East tensions intensified after the United Arab Emirates said it was cutting all economic ties with Iran after accusing Iran of firing ballistic missiles at its territory.
President Trump said he's not interested in extending the expired agreement with Iran, dimming prospects for a swift reopening of the Strait of Hormuz. Mr. Trump also said that the US naval blockade on Iranian ports is putting pressure on the country, and he has no timeline for resolving the US-Iran conflict.
On Monday, US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying the US has no plans to de-escalate the conflict, potentially limiting crude supplied from the Middle East.
Treasury Secretary Bessent said last week that the administration will soon announce unprecedented economic measures against Iran that “have never been seen in the history of economic isolation of a country.” The economic measures would add to the current US naval blockade of Iranian ports.
There have been no signs of progress toward a US-Iran agreement to fully open the Strait of Hormuz. An Iranian military spokesperson said last Thursday that no ship can safely pass the Strait of Hormuz without Iran’s authorization and supervision and that President Trump’s claims of control over the Strait are “nothing more than lies.” The Iranian statement was in response to President Trump's comment last Tuesday that the US has “total control over the Hormuz Strait” and that “we own it.”
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 85% of the 459 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 36% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 fell to a 2-week low and is down -0.28%. China's Shanghai Composite fell to a 1.5-week low and closed down -2.40%. Japan's Nikkei-225 Stock Average slid to a 1.5-week low and closed down sharply by -3.16%.
Interest Rates
September 10-year T-notes (ZNU6) are up by +10 ticks today. The 10-year T-note yield is down -6.1 bp to 4.643%. Sep T-notes are climbing today after the US Treasury announced that it will at least double the maximum size of its liquidity support buyback operations for longer-dated nominal coupon sizes to at least $4 billion per operation, effective September 9.
Gains in T-notes are limited amid higher crude oil prices, as WTI crude oil climbed to a 3-week high today, boosting inflation expectations. The 10-year breakeven inflation rate rose to a 2-month high of 2.319% today. Supply pressures are also weighing on T-notes as the Treasury will auction $16 billion of 20-year T-bonds later today.
European government bond yields are moving lower today. The 10-year German bund yield fell from a 15-year high of 3.275% and is down -0.4 bp to 3.255%. The 10-year UK gilt yield is down -3.7 bp to 5.042%.
UK July CPI rose +2.9% y/y, right on expectations. July core CPI rose +2.6% y/y, stronger than expectations of +2.5% y/y.
Markets are discounting a 95% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Mining stocks are up sharply today after metals prices surged when the Treasury announced that it was boosting its buybacks of longer-dated US government debt. Hecla Mining (HL) and Coeur Mining (CDE) are up more than +12%, and Newmont Corp (NEM) and Anglogold Ashanti (AU) are up more than +8%. Also, Barrick Mining (B) is up more than +7%, and Southern Copper (SCCO) is up more than +5%. In addition, Freeport McMoRan (FCX) is up more than +4%.
Software stocks are climbing today, a supportive factor for the overall market. ServiceNow (NOW) is up more than +6%, and Atlassian Corp (TEAM) and Thomson Reuters (TRI) are up more than +5%. Also, Salesforce (CRM), Autodesk (ADSK), and Workday (WDAY) are up more than +4%, and Intuit (INTU) and Adobe Systems (ADBE) are up more than +3%.
Cryptocurrency-exposed stocks are stronger today as Bitcoin (^BTCUSD) rallied to a 3-week high. Strategy (MSTR) is up more than +11% to lead gainers in the Nasdaq 100, and Circle Internet Group (CRCL) is up more than +10%. Also, Coinbase Global (COIN) is up more than +9%, and Galaxy Digital Holdings (GLXY) is up more than +4%. In addition, MARA Holdings (MARA) is up more than +3%, and Riot Platforms (RIOT) is up +0.85%.
Chipmakers and AI-infrastructure stocks are sliding for a second day today, weighing on the broader market. The iShares Semiconductor ETF (SOXX) is down more than -2%. Seagate Technology Holdings Plc (STX) is down more than -6%, and Broadcom (AVGO) and Western Digital (WDC) are down more than -5%. Also, Advanced Micro Devices (AMD), Applied Materials (AMAT), Intel (INTC), and Lam Research (LRCX) are down more than -4%, and KLA Corp (KLAC) is down more than -3%. In addition, ASML Holdings NV (ASML) is down more than -2%.
Cybersecurity stocks are retreating today, a negative factor for the overall market. Crowdstrike Holdings (CRWD) is down more than -6%, and Palo Alto Networks (PANW) is down more than -4%. Also, Fortinet (FTNT) is down more than -3%, and Cloudflare (NET) and Okta (OKTA) are down more than -2%. In addition, Zscaler (ZS) is down -0.50%.
Moderna (MRNA) is up more than +120% to lead gainers in the S&P 500, and Merck & Co (MRK) is up more than +10% to lead gainers in the Dow Jones Industrials after the companies said their joint personalized vaccine helped cut the recurrence of melanoma in a larger, late-stage trial.
Estee Lauder (EL) is up more than +16% after reporting Q4 net sales of $3.63 billion, better than the consensus of $3.55 billion.
Marvell Technology (MRVL) is up more than +6% after announcing an expanded chip-development partnership with Alphabet, including a warrant from Marvell allowing Google to buy as much as $12.2 billion in Marvell stock.
Norfolk Southern Corp. (NSC) is up more than +2% and Union Pacific (UNP) is up more than +1% after a federal regulator said the company and Union Pacific can move forward with plans to create the first coast-to-coast freight network in the US.
La-Z-Boy (LZB) is down more than -17% after forecasting Q2 sales of $475.7 million, well below the consensus of $537 million.
Nebius Group NV (NBIS) is down more than -9% to lead losers in the Nasdaq 100 after announcing the sale of $4.5 billion in aggregate of convertible senior notes due 2030 and 2034.
Mercury Systems (MRCY) is down more than -4% after reporting Q4 adjusted EPS of 37 cents, below the consensus of 38 cents.
Earnings Reports (8/19/2026)
Analog Devices Inc (ADI), BILL Holdings Inc (BILL), Estee Lauder Cos Inc/The (EL), Lowe's Cos Inc (LOW), Nordson Corp (NDSN), Target Corp (TGT), TJX Cos Inc/The (TJX), Viking Holdings Ltd (VIK).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Stocks Supported by Lower Bond Yields

The S&P 500 Index ($SPX) (SPY) is up by +0.33% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.33%. E-mini S&P futures (ESU26) are up +0.31%, and September E-mini Nasdaq futures (NQU26) are down -0.39%.
Stock indices are mixed today, with the Nasdaq 100 falling to a 1.5-week low. The broader market is supported today by lower US bond yields. The 10-year T-note yield dropped -6 bp to 4.64% today after the US Treasury announced that it will boost liquidity and double the size of buybacks for longer-dated nominal coupon securities to at least $4 billion. However, weakness in chipmaker and AI-infrastructure stocks continued today, weighing on the Nasdaq 100.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Also, on the positive side for stocks, Moderna is up more than +110% after announcing a positive result from its personalized cancer vaccine trial with Merck & Co. In addition, the Trump administration today delayed 50% tariffs on some Canadian products for three days, less than two hours before the tariffs were set to take effect, saying that the two sides had reached a tentative agreement.
US MBA mortgage applications fell -0.4% in the week ended August 14, with the purchase mortgage sub-index down -2.0% and the refinancing mortgage sub-index up +1.5%. The average 30-year fixed-rate mortgage was unchanged from the prior week at 6.77%.
The lack of a clear path to a resolution in the Middle East is keeping the Strait of Hormuz closed and limiting crude supplies from the Middle East, keeping upward pressure on oil prices. Sep WTI crude oil prices (CLU26) climbed to a fresh 3-week high today as Middle East tensions intensified after the United Arab Emirates said it was cutting all economic ties with Iran after accusing Iran of firing ballistic missiles at its territory.
President Trump said he's not interested in extending the expired agreement with Iran, dimming prospects for a swift reopening of the Strait of Hormuz. Mr. Trump also said that the US naval blockade on Iranian ports is putting pressure on the country, and he has no timeline for resolving the US-Iran conflict.
On Monday, US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying the US has no plans to de-escalate the conflict, potentially limiting crude supplied from the Middle East.
Treasury Secretary Bessent said last week that the administration will soon announce unprecedented economic measures against Iran that “have never been seen in the history of economic isolation of a country.” The economic measures would add to the current US naval blockade of Iranian ports.
There have been no signs of progress toward a US-Iran agreement to fully open the Strait of Hormuz. An Iranian military spokesperson said last Thursday that no ship can safely pass the Strait of Hormuz without Iran’s authorization and supervision and that President Trump’s claims of control over the Strait are “nothing more than lies.” The Iranian statement was in response to President Trump's comment last Tuesday that the US has “total control over the Hormuz Strait” and that “we own it.”
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 85% of the 459 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 33% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.09%. China's Shanghai Composite fell to a 1.5-week low and closed down -2.40%. Japan's Nikkei-225 Stock Average slid to a 1.5-week low and closed down sharply by -3.16%.
Interest Rates
September 10-year T-notes (ZNU6) are up by +10 ticks today. The 10-year T-note yield is down -5.6 bp to 4.649%. Sep T-notes are climbing today after the US Treasury announced that it will at least double the maximum size of its liquidity support buyback operations for longer-dated nominal coupon sizes to at least $4 billion per operation, effective September 9.
Gains in T-notes are limited amid higher crude oil prices, as WTI crude oil climbed to a 3-week high today, boosting inflation expectations. The 10-year breakeven inflation rate rose to a 2-month high of 2.313% today. Supply pressures are also weighing on T-notes as the Treasury will auction $16 billion of 20-year T-bonds later today.
European government bond yields are moving lower today. The 10-year German bund yield fell from a 15-year high of 3.275% and is down -1.7 bp to 3.242%. The 10-year UK gilt yield is down -6.0 bp to 5.020%.
UK July CPI rose +2.9% y/y, right on expectations. July core CPI rose +2.6% y/y, stronger than expectations of +2.5% y/y.
Markets are discounting a 95% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Mining stocks are up sharply today after metals prices surged when the Treasury announced that it was boosting its buybacks of longer-dated US government debt. Newmont Corp (NEM), Hecla Mining (HL), and Coeur Mining (CDE) are up more than +7%, and Anglogold Ashanti (AU) and Barrick Mining (B) are up more than +6%. Also, Southern Copper (SCCO) and Freeport McMoRan (FCX) are up more than +2%.
Software stocks are climbing today, a supportive factor for the overall market. ServiceNow (NOW), Palantir Technologies (PLTR), and Workday (WDAY) are up more than +2%. Also, Intuit (INTU), Adobe Systems (ADBE), Atlassian Corp (TEAM), Salesforce (CRM), Thomson Reuters (TRI), and Autodesk (ADSK) are up more than +1%.
Chipmakers and AI-infrastructure stocks are sliding for a second day today, weighing on the broader market. The iShares Semiconductor ETF (SOXX) is down more than -2%. Broadcom (AVGO), Seagate Technology Holdings Plc (STX), Intel (INTC), Applied Materials (AMAT), Western Digital (WDC), and Lam Research (LRCX) are down more than -4%, and Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), Sandisk (SNDK), and KLA Corp (KLAC) are down more than -3%.
Moderna (MRNA) is up more than +110% to lead gainers in the S&P 500, and Merck & Co (MRK) is up more than +10% to lead gainers in the Dow Jones Industrials after the companies said their joint personalized vaccine helped cut the recurrence of melanoma in a larger, late-stage trial.
Marvell Technology (MRVL) is up more than +9% to lead gainers in the Nasdaq 100 after announcing an expanded chip-development partnership with Alphabet, including a warrant from Marvell allowing Google to buy as much as $12.2 billion in Marvell stock.
Estee Lauder (EL) is up more than +17% after reporting Q4 net sales of $3.63 billion, better than the consensus of $3.55 billion.
Norfolk Southern Corp. (NSC) is up more than +3% and Union Pacific (UNP) is up more than +2% after a federal regulator said the company and Union Pacific can move forward with plans to create the first coast-to-coast freight network in the US.
La-Z-Boy (LZB) is down more than -13% after forecasting Q2 sales of $475.7 million, well below the consensus of $537 million.
Nebius Group NV (NBIS) is down more than -11% to lead losers in the Nasdaq 100 after announcing the sale of $4.5 billion in aggregate of convertible senior notes due 2030 and 2034.
Mercury Systems (MRCY) is down more than -5% after reporting Q4 adjusted EPS of 37 cents, below the consensus of 38 cents.
Earnings Reports (8/19/2026)
Analog Devices Inc (ADI), BILL Holdings Inc (BILL), Estee Lauder Cos Inc/The (EL), Lowe's Cos Inc (LOW), Nordson Corp (NDSN), Target Corp (TGT), TJX Cos Inc/The (TJX), Viking Holdings Ltd (VIK).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Mixed on Lower Bond Yields and Chip Stock Weakness

The Zacks Transportation - Railindustry faces challenges, ranging from tariff-induced economic uncertainties, inflationary pressures and resultant high interest rates to concerns pertaining to supply-chain disruptions. High fuel costs, due to the ongoing conflict in the Middle East, have been hurting the bottom-line growth of industry players.
Despite the challenges surrounding the industry, Union Pacific Corporation UNP, CSX Corporation CSX and Norfolk Southern Corporation NSC appear better placed to tide over the challenges.
Industry Description
The Zacks Transportation - Rail industry includes railroad operators transporting freight (such as agricultural products, industrial products, coal, intermodal, automotive, consumer products, metals and minerals), primarily across North America. These companies focus on providing logistics and supply-chain expertise services. While freight constitutes a significant chunk of revenues, some of these companies also derive a small portion of their top line from other rail-related services, including third-party railcar and locomotive repairs, routine land sales and container sales, among others. A few companies offer services to multiple production and distribution facilities. Besides locomotives, some of these companies own equipment of leased locomotives, railcars, etc.
Factors Deciding the Industry's Outlook
Strong Financial Returns for Shareholders:With economic activities gaining pace from the pandemic lows, more and more companies are allocating their increasing cash pile through dividends and buybacks to pacify long-suffering shareholders. This underlines their financial strength and confidence in the business. Among the Transportation – Railroad industry players, CSX's board of directorsapproved a dividend hike of 7.6%, thereby raising its quarterly cash dividend to 14 cents per share (56 cents annualized) from 13 cents (52 cents annualized) in February 2026.
Surge in Fuel Costs: A Bane: With the United States and Iran pausing military strikes, oil prices have started to drop from the highs touched following the recent attacks by Iran and the Houthi militant group and subsequent retaliation by the United States. However, oil prices surged almost 36% from the beginning of 2026 to date. As fuel expenses represent a key input cost for any transportation player, a rise in oil prices does not bode well for the bottom-line growth of railroad stocks.
Economic Uncertainty Remains: Tariff tensions have led to escalated trade woes across the globe. These tariff-induced economic uncertainties do not bode well for industry participants. With inflation remaining a concern, risks associated with an economic slowdown and geopolitical tensions dampen the prospects of stocks belonging to this industrial cohort. Sluggish economic growth and inflationary woes are likely to make markets more volatile in the coming days. Ongoing economic uncertainty does not bode well for industry players. Tariff-induced economic uncertainties and trade tensions may create uncertainty for investors interested in the industry.
Zacks Industry Rank Indicates Encouraging Prospects
The Zacks Transportation Railroad industry, housed within the broader Zacks Transportation sector, currently carries a Zacks Industry Rank #63. This rank places it in the top 26% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dull near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
Before we present a few stocks that investors can buy, given their growth prospects, let’s take a look at the industry’s recent stock market performance and current valuation.
Industry Outperforms S&P 500 & Sector
The Zacks Transportation - Rail industry has outperformed the Zacks S&P 500 Composite as well as the broader sector over the past year.
Over this period, the industry has gained 31.8% compared with the S&P 500 Index’s northward movement of 26.5%. The broader sector has surged 24.1%.
One-Year Price Performance
Industry's Current Valuation
Based on the trailing 12-month price-to-book (P/B), a commonly used multiple for valuing railroad stocks, the industry is currently trading at 7.30X compared with the S&P 500’s 7.38X. It is above the sector’s P/B ratio of 4.19X.
Over the past five years, the industry has traded as high as 10.92X, as low as 5.40X and at the median of 6.91X.
3 Stocks to Keep an Eye On
We are presenting three Zacks Rank #2 (Buy) stocks that are well-positioned to grow in the near term. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Union Pacific: Headquartered in Omaha, NE, Union Pacific, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States.
Relatively stable e-commerce demand, cost-cutting efforts to boost the bottom line and consistent initiatives to reward its shareholders through dividend payments and share repurchases bode well for UNP’s prospects. Further, UNP has a solid track record with respect to earnings surprises. The company surpassed the Zacks Consensus Estimate in three of the past four quarters (missed the mark in the remaining quarter), with an average beat of 2.75%.
The Zacks Consensus Estimate for UNP’s 2026 earnings has moved up 2.9% over the past 60 days. UNP’s expected earnings growth rate for 2026 is 10.63%.
Price and Consensus: UNP
CSX: Based in Jacksonville, FL, CSX offers rail-based freight transportation services like traditional rail service, transport of intermodal containers and trailers and rail-to-truck transfers.
CSX's consistent efforts to continue rewarding its shareholders by paying dividends and buying back shares look encouraging. The company's focus onimproving workplace safety for employees is commendable. For 2026, CSX now expects mid-to high single-digit revenue growth (including fuel, based on the current forward curve for diesel) compared with its prior guidance of mid-single-digit revenue growth. Operating margin expansion is now anticipated to exceed 350 basis points compared with the previous expectation of around the higher end of the 200-300 basis points range. Free cash flow is now anticipated to increase more than 80% compared with the prior expectation of growth of more than 60%.
CSX has a solid earnings surprise history. The company surpassed the Zacks Consensus Estimate in three of the past four quarters (missed the mark in the remaining quarter), with an average beat of 3.97%. The Zacks Consensus Estimate for CSX's 2026 earnings has moved up 5.2% over the past 60 days. CSX has an expected earnings growth rate of 24.22% for 2026.
Price and Consensus: CSX
Norfolk Southern: Headquartered in Atlanta, GA, Norfolk Southern engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States.
E-commerce continues to support long-term intermodal demand for Norfolk Southern, even as near-term volume trends remain uneven. The company is leaning on Precision Scheduled Railroading to tighten execution and sustain a lower cost structure, while its decarbonization agenda and customer tools reinforce rail’s value proposition. Liquidity remains adequate to fund the network and a steady dividend.
NSC has a solid earnings surprise history. The company surpassed the Zacks Consensus Estimate in each of the past four quarters, with an average beat of 8.54%. The Zacks Consensus Estimate for NSC's 2026 earnings has moved up 3.9% over the past 60 days. NSC has an expected earnings growth rate of 0.88% for 2026.
Price and Consensus: NSC
Zacks' Research Chief Names "Stock Most Likely to Double"
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Railroad Stocks to Buy From the Prospering Industry

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Global X U.S. Infrastructure Development ETF (Symbol: PAVE) where we have detected an approximate $669.0 million dollar inflow -- that's a 4.8% increase week over week in outstanding units (from 246,290,000 to 258,160,000). Among the largest underlying components of PAVE, in trading today CSX Corp (Symbol: CSX) is down about 0.3%, Quanta Services, Inc. (Symbol: PWR) is up about 0.8%, and Norfolk Southern Corp (Symbol: NSC) is up by about 0.4%. For a complete list of holdings, visit the PAVE Holdings page » The chart below shows the one year price performance of PAVE, versus its 200 day moving average:
Looking at the chart above, PAVE's low point in its 52 week range is $44.9512 per share, with $60.43 as the 52 week high point — that compares with a last trade of $57.15. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further PAVE Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	Dec 25	Mar 26	Jun 26	TTM
Net Income	RUB 643.00M	RUB 546.00M	RUB 733.00M	RUB 733.00M
Operating Income	RUB 937.00M	RUB 877.00M	RUB 1.12B	RUB 1.12B

Indicator	Dec 25	Mar 26	Jun 26	TTM
Total Assets	RUB 45.24B	RUB 45.11B	RUB 45.12B	RUB 45.12B
Cash on Hand	RUB 1.53B	RUB 1.34B	RUB 1.07B	RUB 1.07B
Total share holder equity	RUB 15.55B	RUB 15.80B	RUB 16.25B	RUB 16.25B

Indicator	Dec 25	Mar 26	Jun 26	TTM
Long Term Debt	RUB 16.48B	RUB 16.49B	RUB 15.97B	RUB 15.97B
Total liabilities	RUB 29.69B	RUB 29.31B	RUB 28.87B	RUB 28.87B

Norfolk Southern Corporation

Recent quarterly and TTM performance

Growth

Assets

Debts