Stocks fell on Wednesday as the corporate earnings season rolled on with companies like CSX and Bank of America releasing their quarterly numbers.

The Dow Jones Industrial Average dropped 115.7 points, or 0.42%. The S&P 500 slid 0.65% to 2,984.42. The Nasdaq Composite closed 0.46% lower at 8,185.21.

Stocks closed at their lows of the day just after the Wall Street Journal reported that progress on a trade deal with China are stalled over restrictions on Huawei, citing people familiar with the talks.

Railroad giant CSX posted weaker-than-forecast quarterly results, sending its stock down more than 10% in its biggest one-day drop since 2008. The company also said it expects full-year revenue to fall between 1% and 2%. CSX's decline pushed the Dow Transports down 3.6%.

"It's shaping up to be a less-than-positive quarter and I doubt managements are going to be terribly optimistic about the rest of the year, although we have easier numbers to go up against," said Maris Ogg, president at Tower Bridge Advisors.

Bank of America reported better-than-expected earnings on Wednesday, driven by the strength of its retail banking operation. However, the company's CFO warned that lower rates would hit its net interest income growth. The stock rose around 0.7%.

United Airlines reported earnings and revenue that topped analyst expectations and increased its share buyback program by $3 billion.

Cintas shares jumped more than 8% after the First Aid kit maker's results beat expectations.

More than 7% of S&P 500 companies have reported second-quarter earnings thus far, according to FactSet data. Of those companies, about 85% have posted profits that beat analyst expectations. The reported earnings growth of those companies is about 3.1%.