Wall Street pointed lower before the opening bell today, according to the Associated Press, after another record-setting day for U.S. markets. Futures for the S&P 500 and the Dow industrials each slipped about 0.2% before the bell.
FedEx tumbled 11% in off-hours trading after it missed Wall Street’s second-quarter sales and profit forecasts. The package delivery company said it expects a single-digit decline in revenue this fiscal year, suggesting an industry-wide slowdown. Shares of rival UPS dipped 3% before the bell as well.
General Mills slid about 4% after it missed second-quarter sales targets from industry analysts, and the packaged food company softened its outlook for the full year, citing a “more cautious consumer economic outlook.”
In the bond market, the yield on the 10-year Treasury slipped to 3.88% from 3.93% late Tuesday. It was above 5% in October, at its highest level since 2007 and putting tremendous downward pressure on the stock market.
In other dealings, U.S. benchmark crude oil added 96 cents to $74.90 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 88 cents to $80.11 per barrel.
The U.S. dollar retreated to 143.55 Japanese yen from 143.82 yen.
