Stock Market Today: Dow notches fresh record peak, books weekly gain after Fed rate cut
Friday’s big stock-market loser was FedEx Corp., with shares of the package-shipping company down 14% in recent trade, according to Dow Jones Market Data.
What triggered such a precipitous drop? FedEx cut its earnings outlook and reported lower-than-expected profits and revenue Thursday evening. Lower volume in U.S. priority packages was a particular concern.
The earnings disappointment triggered a precipitous drop in the company’s shares, leaving them on track for their worst day since Sept. 16, 2022. On that day, shares fell more than 20% for their worst performance ever. Coincidentally, that decline was also sparked by disappointing earnings, which stoked concerns about softening global demand and caused selling to ripple out across the U.S. stock market.
Friday’s drop wiped out most of the company’s 2024 advance. It was clinging to a roughly 2% year-to-date gain in recent trade. Shares remain well below their record closing high from 2021.