Transport stocks are seen as indicators of the market and economy in general.
The weakness comes mainly to Asia.
Inflation is still affecting the economy.
FedEx shares fell down more than 21%. This dropped meant an $11 billion loss to the company.
Subramaniam in an interview at Mad Money said he expects a worldwide recession.
The DOW Jones Industrial Average fell by around 1500 points this week.
With such lower than expected earnings, FedEx withdrew their forecast for the year and foresees a volatile market.
The public didn’t respond well to this. The shares fell by 17%, the lowest dip since 2010.
The last time Figma was valued, it was at $10 billion
A hotter-than-expected inflation report reassures the sentiment of a strong rate hike at the next Fed meeting.
Only 5 stocks ended positive. Tech stocks were hit the hardest.
Inflation rose 0.6% on a month-to-month basis (core inflation).
Growth stocks were hit hard.
A rise in shelter and food offsets the drop in gas prices.
Everyone now sees a full possibility of a 75 basis point rate hike and there’s a 10% sentiment of a full basis point.
Food, transportation and rent are the biggest cause of inflation right now.
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