The stock market finished in the red again on Friday to cap another week of sizable losses. The latest discouraging news for traders came from corporate giants FedEx and General Electric, which warned about worsening trends in the economy, per the AP. The Dow fell 140 points to 30,821, the S&P 500 fell 28 points to 3,873, and the Nasdaq fell 103 points to 11,448. All three losses were under 1%. For the week, the Dow was down more than 4%, the S&P more than 3%, and the Nasdaq more than 6%, per CNBC.
Package delivery service FedEx fell more than 20% after warning investors that profits for its fiscal first-quarter will likely fall short of forecasts because of a dropoff in business. It is also shuttering storefronts and corporate offices and expects business conditions to further weaken. Industrial giant General Electric fell more than 4% after its chief financial officer said it was still bogged down by supply chain problems that were raising costs. Adobe was the biggest decliner among technology stocks, falling about 5%.
Reports this week from the government showed that prices for just about everything but gas are still rising, the job market is still red hot, and consumers continue to spend, all of which give ammunition to Fed officials who say the economy can tolerate more rate hikes. “The market is really looking at data in terms of what the Fed is going to do next year and how far they’ll have to go,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “I think they'll be in a good spot after September, where they’ll have plenty of flexibility to get where they want to be by the end of the year.”
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