New York CNN Business —US stocks fell on Friday after FedEx served investors a brutal pre-earnings announcement about the state of the global economy. The weakening global economy, particularly in Asia and Europe has hurt FedEx (FDX) (FDX)’s express delivery business. During an interview Thursday on CNBC, FedEx CEO Raj Subramaniam was asked if he believes the slowdown in his business is a sign of the start of a global recession. Transport stocks are thought of as a leading indicator for the market at large, and FedEx in particular is seen as a market bellwether. That’s the largest drop for a quarter since the second quarter of 2020 (when Covid-19 sent the United States into recession).

Source: CNN September 17, 2022 04:05 UTC