The market didn’t like what it heard from FedEx in yesterday’s post-closing earnings report and shares of the company are down 11%. Fedex is a good proxy for broader economic activity and the fall in its shares might be giving the bulls second thoughts.
In the Nasdaq, chipmakers are giving back some recent gains today while share of Google are leading the way, up 1.7% but well-off the earlier highs (which had looked like breakout).
Technically, an outside day has formed on the Nasdaq and losses have quickly accelerated to -0.8%.
Nasdaq daily
With the drop in stocks, the US dollar has sprung to life. The dollar index is now higher on the day after earlier falling.