Stocks Slip, Ending Record Rally, as FedEx Plunges on Forecast Cut
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US stocks slipped on Wednesday, halting a record-setting rally as the S&P 500 posted its worst day since October. The Dow fell 1.2% while the Nasdaq and S&P sank about 1.5%.
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The declines snapped a 9-day winning streak for the Dow and Nasdaq. Stocks had been extending a year-end rally, with the Dow notching 5 straight record closes.
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A surprise drop in UK inflation lifted optimism that price pressures are easing globally. But some question if quicker rate cuts would risk recession.
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FedEx shares tumbled over 10% after missing profit expectations and cutting its full-year revenue forecast amid falling USPS demand.
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Signs of market breadth emerged, with 6 of 11 S&P sectors at 52-week highs Tuesday. It's the most sectors simultaneously hitting 52-week highs since May 2021.