- Stocks declined, finishing the worst week since the market's June bottom, as Fedex's warning added to mounting anxiety over excessive interest-rate hikes from the federal reserve.
- The S&P 500 decreased for a third day this week, dropping about 5% overall. In the afternoon trade, drop buyers emerged, resulting in advances for some well-known tech companies like Intel and Nvidia After the world's largest package delivery company cancelled its earnings estimate and cited deteriorating business conditions, FedEx's stock fell more than 20%.
- This week, equity markets abruptly shifted lower after traders increased their bets on rate hikes in response to hotter-than-expected inflation data, which also prompted the largest one-day stock selloff in two years. Since then, swaps have continued to anticipate a 75 basis-point increase at the Fed meeting next week, with some bets leaning toward a full point, and policy-sensitive two-year yields have risen this week to their highest level since 2007, further deepening the curve inversion that is considered a recession signal.
