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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