U.S. stocks open sharply lower Friday after FedEx withdraws earnings forecast

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U.S. stocks opened lower after a FedEx profit warning and as investors worry about rising interest rates in the wake of inflation running hotter than expected in August. The Dow Jones Industrial Average DJIA, -0.45% fell 1.1% soon after the opening bell, while the S&P 500 SPX, -0.72% dropped 1% and the Nasdaq Composite COMP, -0.90% slid 1.3%, according to FactSet data, at last check. The S&P 500 and Nasdaq were each heading for a weekly decline of more than 5%, while the Dow was down almost 5% so far this week. A reading on consumer sentiment from the University of Michigan is due out at 10 a.m. Eastern time, along with consumers’ five-year inflation expectations. Investors are anticipating another large rate hike from the Federal Reserve at its policy meeting next week in an effort to curb high inflation.

This article was originally published by Marketwatch.com. Read the original article here.

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