Dow Jones Industrial Average futures fell 223 points, or 0.7%. S&P 500 and Nasdaq 100 futures fell 0.8% and 0.9%, respectively. On Thursday, the Dow fell 173 points, or 0.56%, to its lowest close since July 14 FedEx shares fell 19% after the shipping company withdrew its full-year guidance and said it would implement cost-cutting initiatives to counter soft global shipment volume as the global economy “deteriorated significantly.” The three major averages were on pace to post their fourth losing week in five as a comeback rally looks increasingly like a bear market recovery. The Dow Jones Industrial Average is down 3.70% this week, while the S&P 500 is 4.08% lower. The Nasdaq Composite is down 4.62%, heading for its worst weekly loss since June. Most of the losses came on Tuesday after a surprisingly hot reading in the August consumer price index report, with the Dow shedding 1,200 points in its worst decline in two years.
