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Dow Futures Trade Lower As FedEx Withdraws Guidance

By Oliver Gray 

Investing.com - U.S. stock futures were trading lower during Thursday’s evening deals, after major benchmark averages resumed declines during the regular session amid growing fears of a global recession while traders absorbed an ugly earnings warning from FedEx Corporation (NYSE:FDX).

By 7:15pm ET (11:15pm GMT) Dow Jones Futures were down 0.5% while S&P 500 Futures and Nasdaq 100 Futures fell 0.7% apiece.

In extended deals, FedEx Corp. (NYSE:FDX) shed 15.9% as the company withdrew earnings guidance for the year, while CEO Raj Subramaniam, noted that he thinks the world economy is headed for a recession.

United Parcel Service, Inc. (NYSE:UPS) and Amazon.com, Inc. (NASDAQ:AMZN) fell 5.7% and 1.8% respectively following the news.

Bowlero Corp (NYSE:BOWL) lifted 6.3% after reporting Q4 EPS of $0.03 versus $0.05 expected, while revenue came in at $267.72 million versus $195.3 million expected.

Ahead in the session, investors will be looking ahead to fresh consumer sentiment data.

During Thursday’s regular session the Dow Jones Industrial Average dropped 173.3 points or 0.6% to 30,961.8, posting its lowest close since July 14. The S&P 500 fell 44.7 points or 1.1% to 3,901.4 and the NASDAQ Composite lost 167.3 points or 1.4% to 11,552.4.

On the bond markets, United States 10-Year rates were at 3.449%.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.