US stocks have slumped as trade tensions between the world’s two largest economies overshadowed positive earnings for Apple and the yield on 10-year Treasuries touched 3% for the first time since June.

Microsoft has posted earnings and revenue that beat Wall Street expectations in Satya Nadella’s first quarterly earnings release as chief executive, offering new justification for his focus on cloud computing.

Hewlett-Packard is being removed from the Dow Jones Industrial Average, a sign of waning confidence in the company’s turnaround efforts amid a historic slump in the PC industry.