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U.S. Stocks Fall as FedEx Warning Stokes Global Slowdown Fears

Stock Markets Sep 16, 2022 09:50AM ET
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By Liz Moyer

Investing.com -- U.S. stocks fell on Friday as investors brace for next week’s Federal Reserve decision on interest rates.

At 10:20 ET (14:20 GMT), the Dow Jones Industrial Average was down 257 points, or 0.8%, while the S&P 500 was down 1.1% and the NASDAQ Composite fell 1.5%.

Stocks were falling as FedEx Corporation (NYSE:FDX) shares dropped 22% after reporting a weak outlook because of declining volume, further stoking fears of an economic slowdown.

The Fed’s meeting starts Tuesday, with the decision due out Wednesday, and Chair Jerome Powell will have a press conference that afternoon to outline the policymakers’ thought process.

The central bank is widely expected to raise its benchmark rate by a 0.75 percentage point after an inflation report this week that showed prices continued to be elevated despite a recent drop in the cost of gasoline. There is a chance, according to some Fed watchers, that the policymakers move rates up a full point.

Consumers are feeling better about the economy, according to the Michigan consumer sentiment index, which rose from 58.2 to 59.5, a five-month high, as the extended fall in gasoline prices relieved pressure on household budgets. But that was slightly below expectations.

Two international bodies, the World Bank and the International Monetary Fund, offered sober outlooks. The World Bank said the global economy might be heading toward a recession, and the IMF expects a third-quarter slowdown, according to Reuters.

General Electric Company (NYSE:GE) shares fell 4% after its finance chief said supply chain challenges continue to affect its ability to deliver products.

Oil rose. Crude Oil WTI Futures was up 0.8%, to $85.80 a barrel, while Brent Oil Futures crude rose 1.1%, to $91.80 a barrel. Gold Futures rose 0.2% to $1680 an ounce.

U.S. Stocks Fall as FedEx Warning Stokes Global Slowdown Fears
 

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Comments (6)
Ahmad Ali
Ahmad Ali Sep 16, 2022 1:17PM ET
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where do you think the oil is going
Howie Zoukl
Howie Zoukl Sep 16, 2022 11:49AM ET
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FedEx troubles are long before the start of the recession.. the truth is how can 19 year old kids straight from India less than 2 months work experience be promoted to be managers in the warehouse.. the truth is nepotism destroyed FedEx.. the managers hire exclusively family and friends, which caused a massive internal theft stealing customers packages and family and friends gets paid more than "other" workers how can someone start with no experience start on level 2 or 3 pay grade.. while "other" workers start on level 1 and work their way up.. that is why FedEx is in trouble massive.. until they review and fire those who plays nepotism and conflict of interests the company will have a hard time to survive
Nick Passarella
Nick Passarella Sep 16, 2022 11:49AM ET
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I'd love to believe that! I'm afraid it's all the data coming in and trends that the consumer is slowing it purchases of goods. Services are still way up. Try to get your car serviced!
amt hun
amt hun Sep 16, 2022 10:51AM ET
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These are the best days of my year so far! I keep buying the dips in the stocks of the greatest companies at huge discounts. It is just awesome!
amt hun
amt hun Sep 16, 2022 10:51AM ET
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lake Tenn  sure, keep waiting then
Casador Del Oso
Casador Del Oso Sep 16, 2022 10:30AM ET
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You mean the global slowdown hasn't started yet? We're in trouble now.
Derek Hancock
Derek Hancock Sep 16, 2022 10:20AM ET
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Fedex probably reported a weak outlook because Fedex is trash. They can never deliver packages on time or in the correct location and they have a very poor reputation
Sudhin Ku
Sudhin Ku Sep 16, 2022 10:20AM ET
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I agree with this, people are more use to bad news than good news, rather intrested in bad news, this is not true indicator, but other bad news can severe impact to cause recession across globe if things gets worst in Europe and US
Mitchel Pioneer
Mitchel Pioneer Sep 16, 2022 10:07AM ET
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As predicted, the fraudulent, criminal intervention is in place at the open, as the magic show begins in the US Ponzi Scheme.  And of course the 10AM breaker is flipped on schedule, flagrant as ever.  BIGGEST INVESTMENT JOKE IN THE WORLD.
 
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