What Wall Street is Watching Ahead of Fed Meeting

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U.S. stocks fell sharply on Wednesday as a warning from FedEx added to fears that a global economic slowdown is starting to hit corporate America.

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The Dow Jones Industrial Average fell more than 400 points, or 1.6%, led by declines in shares of industrial companies. 

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FedEx shares tumbled 10% after the company slashed its earnings forecast for the year, citing a weak global economy. 

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The package delivery giant said it expects earnings per share of $10.50 to $11.50 for the fiscal year that ends in May. 

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Well below its previous forecast of $13.20 to $13.80.

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The weak outlook from FedEx sent shockwaves through the market 

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As investors feared that other companies will follow suit with their own grim earnings reports. 

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The S&P 500 is now on track for its worst December since the Great Depression, and the Dow is on pace for its biggest monthly loss in 10 years. 

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Investors are also keeping a close eye on trade negotiations between the U.S. and China. 

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President Donald Trump said on Tuesday that he is not planning to meet with Chinese President Xi Jinping before a March 1 deadline when tariffs are set to increase.

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