Wall Street fell late after Trump reignited US-China trade tensions, accusing Beijing of economic hostility. China vowed to fight to the end but kept talks open while strong financial earnings limited market losses.

Wells Fargo (WFC) spiked by 7.2% after reporting better than expected third quarter results and raised its profitability target. Citigroup (C) also surged by 3.9% after reporting third quarter results that exceeded estimates, although JPMorgan Chase (JPM) moved notably lower despite reporting better than expected third quarter results.

Airline stocks moved sharply higher, with the NYSE Arca Airline Index soaring by 4.2%. Housing stocks were substantially strong, as reflected by the 2.5% surge by the Philadelphia Housing Sector Index. Banking, networking and telecom stocks also turned in strong performances on the day while significant weakness among semiconductor and computer hardware stocks re-emerged in late-day trading.

Asia-Pacific stocks moved mostly lower Japan's Nikkei 225 Index plunged by 2.6%, while Hong Kong's Hang Seng Index tumbled by 1.7%. Most European stocks have also moved to the downside on the day. The German DAX Index is down by 0.7% and the French CAC 40 Index is down by 0.2%, although the U.K.'s FTSE 100 Index is just above the unchanged line.

In the bond market, treasuries moved higher over the course of the session, extending last Friday's surge. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.9 bps to a one-month closing low of 4.02%.

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