FedEx Outlook Affected by Global Trade Uncertainty
Todd Peters, senior vice president at Adviser Investments, has the market analysis for Tuesday, June 25. All major U.S. stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. market indexes declined, with the Dow Jones Industrial Average, S&P 500 and NASDAQ Composite down 0.7%, 1.0% and 1.5%, respectively. Big mergers remain in the news, as drugmaker AbbVie announced plans to buy Allergan for around $63 billion; AbbVie’s stock dropped 16% while Allergan’s soared 25%. FedEx’s quarterly results showed the company matched estimates on sales and beat estimates on earnings, but its stock pulled back due to ongoing international trade concerns.