US stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an alarming warning from FedEx concerning earnings and slowdown of the global economy. The Dow Jones Industrial Average dropped 306 points, or 1%. The S&P 500 and Nasdaq Composite slid 1.2% and 1.6%, respectively.
Shares of FedEx dropped by 24% after the shipments company withdrew its full-year guidance and said it will implement cost-cutting initiatives, including closing offices, to resist global shipment volumes as the global economy significantly worsened in the light of quarterly results.
Transport stocks are typically seen as a leading economic indicator, and FedEx pointed to weakness in Asia as one of the main reasons for its negative outlook. Shares of shipping rivals UPS and XPO Logistics dropped 4% and 7%, respectively, and Amazon\u2019s stock fell 3%.
FedEx\u2019s announcement comes soon after the CPI reading issued last Tuesday, which raised concerns that the Fed will be forced to cause a recession in order to cool prices.
<\/p>\n","protected":false},"excerpt":{"rendered":"
US stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an alarming warning from FedEx concerning earnings and slowdown of the global economy. The Dow Jones Industrial Average dropped 306 points, or 1%. The S&P 500 and Nasdaq Composite slid 1.2% and 1.6%, respectively.Shares of FedEx dropped by 24% …<\/p>\n","protected":false},"author":13,"featured_media":72336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[6902,7113,9974,8306],"class_list":["post-72332","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-dow-jones","tag-earnings","tag-fedex","tag-warning"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=72332"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72332\/revisions"}],"predecessor-version":[{"id":72351,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72332\/revisions\/72351"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/72336"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=72332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=72332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=72332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}