Stocks tumble as FedEx profit warning spooks investors
CBSN
Stocks tumbled Friday as a profit warning from FedEx about weakening business conditions spooked investors, who are also bracing for more interest rate hikes amid higher-than-expected inflation.
Wall Street's benchmark S&P 500 index lost 50 points, or 1.3%, to 3,850 in early trading Friday, adding to declines after August inflation stayed near a four-decade high despite four interest rate hikes this year to slow the economy. The Dow slumped 1%, while the tech-heavy Nasdaq shed 1.7%.
The market swoon caps a turbulent week, with the Dow plunging almost 1,400 points, or 3.9%, on Tuesday amid the realization that inflation isn't subsiding as quickly as hoped after a hotter-than-expected CPI report. The inflation data dashed expectations that the Federal Reserve might back off plans for more interest rate hikes. FedEx issued its profit warning late Thursday, saying it expects business conditions to further weaken in the current quarter.
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