Why Boeing Stock Is Down Today
A major multinational company has sounded the warning about the global economy, and stocks are trading down on Friday as a result. Boeing (NYSE: BA) shares are down more than market averages, losing as much as 5.6% in Friday trading.
Heading into earnings season, investors are bracing for an update on the state of the global economy. A combination of a war in Europe, continued COVID-19 issues in China, and the Federal Reserve's efforts to battle inflation in the United States has investors concerned global growth will slow in the quarters ahead.
Late Thursday, FedEx confirmed those fears. The shipping giant pre-announced earnings for the quarter ending Aug. 31 that were well below expectations and withdrew its financial guidance for the full year. CEO Raj Subramaniam in explaining the miss said, "Global volumes declined as macroeconomic trends significantly worsened later in the quarter."
Source Fool.com
