Friday, March 31, 2023

Stock futures fall as investors assess FedEx’s dire warning

US stock futures fell on Friday as Wall Street went into a losing week, and traders digested warnings of poor earnings from FedEx.

The Dow Jones Industrial Average futures fell 273 points, or 0.9%. The S&P 500 and Nasdaq 100 futures fell 0.9% and 1%, respectively.

Shares of FedEx fell 19% after shipping company I pulled back direction over the year, saying it would implement cost-cutting initiatives to counter weak global shipping volumes as macroeconomic trends eased significantly. .

The three major averages are on track to register their fourth week of decline in five. The Dow Jones Industrial Average is down 3.70% this week, while the S&P 500 is down 4.08%. The Nasdaq Composite fell 4.62%, heading for its worst weekly loss since June.

On Thursday, the Dow Jones Industrial Average fell 173 points, or 0.56%, to its lowest level since July 14. The Nasdaq Composite was down 1.43%, while the S&P 500 was down 1.13%.

Traders worry that markets will retest June lows after a surprisingly warm reading in the August CPI report pointing to an increasingly difficult path for the Federal Reserve to ease inflation.

“They may have a tough choice,” iCapital’s Anastasia Amoroso said Thursday on CNBC’s “Closing Bell: Overtime.”

“Before they say, we will try for a soft landing and low inflation. Now they may have to choose. Whether it is a soft landing or low inflation. In other words, they have to take tough measures on economic growth to reduce inflation. may fall,” he said.

On the economic front, traders expect the latest consumer confidence data on Friday at 10 a.m. ET.

Nation World News Desk
Nation World News Desk
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