Stocks Suffer Steep Weekly Losses as Economic Hope Fades

FedEx's update sent stocks into a spiral

Managing Editor
Sep 16, 2022 at 4:35 PM
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The broader market dove headfirst into a steep tumble for the day and week, after FedEx (FDX) withdrew its full-year outlook as global shipment volumes weaken alongside the worsening global economy. In fact, all three indexes each posted weekly losses of 4% or worse, while the blue-chip index erased more than 130 points for the day. All three indexes marked their fourth weekly loss in five and worst weekly performances since June.

Continue reading for more on today's market, including:

  • A pre-earnings roundup of General Mills stock.
  • Recession warning tapped out wild week on Wall Street.
  • Plus, who else suffered from the FedEx warning; Analyst praises stock's "deep value;" and manufacturer suffers bear note.

The Dow Jones Average (DJI - 30,822.42) lost 139.4 points, or 0.5% for the day. Home Depot (HD) led the gainers with a 1.6% rise, while Boeing (BA) landed at the bottom of the list with a 3.7% drop. For the week, the Dow plunged 4.1%

The S&P 500 Index (SPX - 3,873.33) shed 28 points, or 0.7% for the day, while the Nasdaq Composite (IXIC - 11,448.40) dropped 104 points, or 0.9%. For the week, the indexes lost 4.8% and 5.4%, respectively. 

Lastly, the Cboe Volatility Index (VIX - 26.30) added 0.03 point, or 0.1%. For the week the market's "fear gauge" added 15.4%. 

closing indexes sept 16 22

nyse and nasdaq sept 16 22

5 Things to Know Today

  1. Bed Bath & Beyond (BBBY) released a list of 150 stores it plans to close. Locations cross the entire country, from California to New York. (CNBC)
  2. Thousands of mourners continue to wait in the estimated 14+ hour queue, including David Beckham, to say goodbye to Britain's longest-reigning monarch, Queen Elizabeth II. (MarketWatch)
  3. FedEx's warning sent these delivery stocks plunging.
  4. Analyst: this stock carries "deep value" earnings potential.
  5. Bear notes sends manufacturer to multi-year lows.

There were no earnings of note today.

uvol sept 16 22

Oil Logs Third Straight Weekly Loss

Economic slowdown concerns overshadowed black gold's daily win, sending crude toward its third-straight weekly loss. October-dated crude rose one cent, to settle at $85.11 a barrel for the day, and down 1.9% for the week.

Also marking a daily win alongside a weekly loss was gold, which struggled following this week's rising inflation concerns. December-dated gold added $6.20, or 0.4%, to settle at $1,683.50 an ounce for the day, but shed 2.6% on the week.

 

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