FedEx leads the way to the downside after disappointing earnings and lower forward guidance
The major US stock indices are opening in the red. The declines are being led by FedEx which had disappointing earnings and also lower forward guidance. They blame a slower economy and Amazon (Amazon is building their own delivery network).
The snapshot of the major indices is showing:
- S&P index -8.57 points or -0.29% at 2997.13
- NASDAQ index -21.262 points or -0.26% at 8164.75
- Dow industrial average -65.29 points or -0.24% at 27045.53
FedEx is trading at $152.17 down $21.13.
In the US debt market, yields are lower by -3 to -3.6 basis points
Technically for the S&P index, the 50 hour moving average comes in at 2994.19. The price has been able to stay above that moving average this week. A move below would tilt the bias intraday a little more to the downside.