U.S. stocks fell to two-month lows on Friday as a dodgy warning from FedEx sent investors flying to safety after a tumultuous weekend. All three major US stock indexes fell to levels not seen since mid-July. The S&P 500 posted its worst weekly decline since June.
The Nasdaq is facing its biggest Friday-to-Friday decline since January. FedEx Corp cut earnings guidance late Thursday, citing signs of slowing global demand. (Recently): All 11 major S&P 500 sectors were lower, with Energy and Industrials falling the most percentages.
The meeting also noted the expiration of the monthly option, which occurs on the third Friday of each month. Options hedging activity has fueled market volatility this year and contributed to increased volatility.