- U.S. stocks fell on Wednesday after economic bellwether FedEx Corp’s downbeat profit outlook raised concerns about global growth, while investors waited for more clarity on the Federal Reserve’s interest rate forecasts for the rest of the year.
The policy statement will also shed light on long-awaited details regarding the Fed’s plans to stop reducing its holdings of Treasury bonds. FedEx Corp dropped 4.4 percent after the package delivery company cut its 2019 profit forecast for the second time on slowing global trade growth. Expectations of a dovish stance from the Fed hit the rate-sensitive financial stocks, which fell 0.36 percent, while the bank sub-sector dipped 0.35 percent.
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