FedEx Signals Recovery, but This Post-Merger SPAC Led the Stock Market Lower Friday
The stock market continued to be choppy on Friday as investors tried to parse all the news influencing financial markets right now. Most troubling for many was the ongoing rise in Treasury bond yields, with the 10-year Treasury approaching 1.75%. That rate's not terribly high, but it's far higher than the Fed's target short-term rate, and it reflects rising fears about future inflation. Those worries sent the Dow Jones Industrial Average (DJINDICES: ^DJI) down 221 points to 32,641 as of 10:30 a.m. EDT. The S&P 500 (SNPINDEX: ^GSPC) fell 14 points to 3,902, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) managed to gain a little ground, rising 16 points to 13,132.
Earnings continued to drive sentiment on Wall Street, and every quarter, FedEx's (NYSE: FDX) report is seen as a bellwether of economic activity. Meanwhile, one post-merger SPAC seeking to build an electronic health giant fell out of favor Friday morning.
FedEx shares rose almost 5% Friday morning, having been up even more earlier in the session. The shipping company was able to deliver fiscal-third-quarter financial results that impressed shareholders.
Source Fool.com
