U.S. stock futures were little changed on Wednesday as investors waited for more clarity on the Federal Reserve's interest rate outlook for the ...
REUTERS: 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.
"With the Fed, investors will be focusing on the growth outlook for 2019. The market is definitely laser-focused on the Fed for the next few hours," said Eric Marshall, portfolio manager at Hodges Funds in Dallas. 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.FedEx dragged Dow Jones Transport down 1.47 percent and the index, which is closely monitored to gauge the health of the economy, was on pace for its biggest one-day percentage drop in almost two months.At 11:07 a.m. ET the Dow Jones Industrial Average was down 60.27 points, or 0.23 percent, at 25,827.11. The S&P 500 was down 6.94 points, or 0.
Optimism that the Fed will remain patient in raising borrowing costs and hopes that United States and China will resolve their trade spat helped U.S. stocks erase most of their losses from late last year.Johnson & Johnson fell 0.9 percent after the U.S. FDA issued warning letters to a J&J unit and Sientra Inc for failing to comply with the post-approval study requirements for their breast implants.General Mills Inc jumped 3.
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