1. Is this week over yet?
U.S. stock futures fell Friday, putting markets on course for a losing week. The Nasdaq, in particular, has had a brutal time, since risk-heavy tech stocks are more sensitive to changes in interest rates. The three major indices tumbled again Thursday, a day after the Fed announced its decision to raise its benchmark rate by yet another three-quarters of a point to the highest mark in over 14 years. Yet the central bank's warning that it could jack rates up to 4.6%, from the current 3% to 3.25%, prompted fears that policy makers might be doing too much, too late. Bond yields have also popped, triggering fears that a recession is on the way in 2023.
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2. FedEx tries to stop the bleeding
Speaking of recession fears, FedEx's CEO rattled investors last week, when he told CNBC's Jim Cramer that he believes we're on the cusp of a global recession, after the delivery company withdrew its guidance and cited waning demand. Its stock tanked on the news. FedEx's issues made investors and analysts wonder just how much they stem from economic pressures versus the company's own shortcomings. On Thursday, FedEx released its full earnings report – inadvertently before the market close – and unveiled a plan to cut between $2.2 billion and $2.7 billion in costs during its 2023 fiscal year. The company also said it would increase shipping rates, as well.