Shares of Amazon (NASDAQ: AMZN) declined on Friday after FedEx (NYSE: FDX) reported a steep drop in profits amid a downturn in global shipping volumes. As of 2:25 p.m. ET, Amazon's stock price was down roughly 3%.
COVID-19-related disruptions in Asia and conflict in Europe are denting demand for FedEx's international shipping solutions. At the same time, the U.S. economy appears to be slowing.
"Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.," CEO Raj Subramaniam said in a business update to investors.
Source Fool.com