A trader looks over his cell phone outside the New York Stock Exchange, Wednesday, Sept. 14, 2022, in the financial district of Manhattan in New York. Stocks are opening broadly lower on Wall Street, Friday, putting the market on track for another week of sizable losses, as a stark warning from FedEx about rapidly worsening trends in the economy gave investors more to worry about.
The Dow Jones Industrial Average fell 0.5% and the Nasdaq composite dropped 0.9%. The Russell 2000 index of smaller companies took the heaviest losses, falling 1.5%.sank 21.4% for its biggest single-day sell-off on record after warning investors that profits for its fiscal first-quarter will likely fall short of forecasts because of a dropoff in business. The package delivery service is also shuttering storefronts and corporate offices and expects business conditions to further weaken.
The worrisome corporate updates hit a market already on edge because of stubbornly high inflation as well as the higher interest rates being used to fight it, which will slow the economy. Wall Street is bracing for another hefty interest rate hike from the Federal Reserve next week following a meeting of central bank policymakers.
Technology stocks, banks and energy firms had some of the biggest losses. Adobe fell 3.1%, Bank of America dropped 1.1% and Chevron slid 2.6%.
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