Stocks tumbled Friday morning, deepening a sell-off across U.S. equity markets that placed all three major averages on pace for a weekly loss. The moves came as traders weighed an ominous warning from FedEx about the global economy.
The S&P 500 slid 1.3%, while the Dow Jones Industrial Average shed more than 300 points, or 1.1%. The technology-heavy Nasdaq Composite led losses, plunging 1.7%.
FedEx (FDX) was in the spotlight Friday after the company withdrew its full-year guidance and delivered messaging around its earnings outlook that sent its stock spiraling. Shares tanked more than 20%.
“Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.” FedEx CEO Raj Subramaniam said in an earnings statement. “We are swiftly addressing these headwinds, but given the speed at which conditions shifted, first quarter results are below our expectations.”
With the third-quarter reporting season on deck, a number of…