Stocks tumble after FedEx warns of global recession

On Friday morning, US stocks went down after FedEx gave investors a harsh pre-earnings report about the state of the world economy.

The Dow was down 339 points, or 1.1%, lower on Friday afternoon. The S& P 500 fell 1.4%, while the Nasdaq fell 1.7%.

Shares of FedEx (FDX) were down more than 22% after the company withdrew its full-year guidance late Thursday

and warned that a slowing economy would cause it to fall $500 million short of its revenue target.

The weakening global economy, particularly in Asia and Europe, has hurt FedEx (FDX) (FDX)’s express delivery business.

The company said that the demand for packages dropped a lot in the last few weeks of the quarter.