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.Image Credit: Google
The Dow Jones Industrial Average fell more than 400 points, or 1.6%, led by declines in shares of industrial companies.Image Credit: Google
FedEx shares tumbled 10% after the company slashed its earnings forecast for the year, citing a weak global economy.Image Credit: Google
The package delivery giant said it expects earnings per share of $10.50 to $11.50 for the fiscal year that ends in May.Image Credit: Google
Well below its previous forecast of $13.20 to $13.80.Image Credit: Google
The weak outlook from FedEx sent shockwaves through the marketImage Credit: Google
As investors feared that other companies will follow suit with their own grim earnings reports.Image Credit: Google
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.Image Credit: Google
Investors are also keeping a close eye on trade negotiations between the U.S. and China.
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.