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Shares of FedEx Corp plunged 19% in premarket deals after it
said a global demand slowdown accelerated at the end of August
and predicted that it would worsen in the November quarter.
United Parcel Service Inc slid 6.8%, while Amazon.com Inc
dropped 2.7% to lead declines among mega-cap peers.
Meanwhile, the World Bank said the global economy might be
inching toward a recession as central banks across the world
simultaneously hike interest rates to combat persistent
inflation, while the International Monetary Fund said it
expected a slowdown in the third quarter.
The warnings come ahead of the Federal Reserve's meeting next
week, where the central bank is widely expected to deliver its
third straight 75 basis point interest rate hike.
At 04:31 a.m. ET, Dow e-minis were down 260 points, or 0.84%,
S&P 500 e-minis were down 38 points, or 0.97%, and Nasdaq 100
e-minis were down 144 points, or 1.2%.
Futures signaled that the S&P 500 index would open below 3,900
points, a level that traders considered as a key support level
for the benchmark.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj
Kalluvila)
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