The bad news continues to mount today in what was supposed to be a quiet day. It's turned out to be anything but that as we wait for the US election results.
FedEx is on the wires today with the CFO speaking at a conference and saying:
- We're cutting back on the vendor headcount
- We've deferred a number of projects
- We don't have a full year earnings outlook for 2023
- We're focused on right-sizing the air network
FedEx is an economic bellwether so take this for what it's worth. It's certainly adding to the souring mood in risk assets. It's choppy though with the S&P 500 down 1 point to 3805.
There are many people out there waiting to trade the midterm results.
