Stocks fell broadly on Wall Street, leaving the market with another week of sizable losses, as a stark warning from FedEx about rapidly worsening trends in the economy gave investors more to worry about.
The S&P 500 fell 0.7% Friday. The Nasdaq lost almost 1% and the Dow lost almost half a percent.
FedEx had its biggest loss on record after saying a sharp dropoff in its business had worsened in recent weeks. Markets were already on edge because of stubbornly high inflation as well as the higher interest rates being used to fight it, which will slow the economy.
The S&P 500 fell 28.02 points, or 0.7%, to 3,873.33.
The Dow Jones Industrial Average fell 139.40 points, or 0.5%, to 30,822.42.
The Nasdaq fell 103.95 points, or 0.9%, to 11,448.40.
The Russell 2000 index of smaller companies fell 27.04 points, or 1.5%, to 1,798.19.
For the week:
The S&P 500 is down 194.03 points, or 4.8%.
The Dow is down 1,329.29 points, or 4.1%.
The Nasdaq is down 663.90 points, or 5.5%.
The Russell 2000 is down 84.66 points, or 4.5%.
For the year:
The S&P 500 is down 892.85 points, or 18.7%.
The Dow is down 5,515.88 points, or 15.2%.
The Nasdaq is down 4,196.57 points, or 26.8%.
The Russell 2000 is down 447.12 points, or 19.9%.