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STOCK MARKET NEWS: Futures trade lower, Biden does victory lap on rail workers deal

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Oil prices head for third straight losing week, FedEx plunges after announcing closures, Audi bets on EVs, Uber launches investigation. FOX Business is providing real-time updates on the markets, stocks, commodities, acquisitions and businesses on the move.

U.S. equity futures were trading lower Friday morning, adding to the previous day's decline.Oil prices are heading for a third straight losing week on concerns about tight supply.

On the economic agenda, the University of Michigan will release its consumer sentiment preliminary index for September. It’s expected to rise almost 2 points to 60.0, the third straight monthly increase after tumbling to an all-time low of 50.0 in June when record-high gasoline prices fueled inflation fears. The Nikkei 225 in Tokyo sank 1.1%, the Hang Seng in Hong Kong retreated 0.9% and China's Shanghai Composite index lost 2.3%.

Brent crude futures traded around $90.00 a barrel after sliding 3.5% to a one-week low in the previous session. Bitcoin was trading at around $19,000, after a three-day decline. For the week, Bitcoin was trading 2% higher. For the month, the cryptocurrency was down more than 1%.Ethereum was trading around $1,400, following a 9% decline in the past week.Posted by FOX Business TeamFedEx says a drop-off in its global package delivery business has triggered a belt-tightening move.

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FedEx stock tanks nearly 15% after company withdraws outlook, says year is about to get worseFedEx Corp. stock drops more than 15% Thursday after the logistics company pulled its outlook for the year and called for significantly lower quarterly... Bullish Fedex forced by pandemic to finally raise wages ($13/hr to $20/hr in major cities), playing catch up from years of suppressing wages. Now their profits will live & die by the rise & fall in Retail Demand.
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