The economy just isn’t helping, and there is a troubling shift happening which shows why the Fed just cut benchmark interest rates. FedEx reported Thursday evening adjusted earn

The S&P 500 slipped 0.2% on Friday, Sept. 20, receding from the record high it printed after this week's interest-rate cut by the Federal Reserve.

Shares in FedEx (FDX) fell after the package-shipping company cut its full-year financial outlook. Late Thursday, FedEx also posted lower quarterly profit and revenue. Weaker-than-expected demand, particularly in the U.

FedEx stock tumbled after the company reported disappointing earnings and turned in weak quarterly results Thursday and suffered a bevy of price target cuts and downgrades from Wall Street as a result.

The S&P 500 slipped 0.2% from its record, and the Nasdaq composite fell 0.4%. The Dow Jones Industrial Average, meanwhile, added 38 points, or 0.1%, to its all-time high.

By Shivansh Tiwary, Lisa Baertlein (Reuters) -Shares of FedEx slumped over 15% on Friday, the worst in two years, after a dismal first-quarter profit drop due to anemic economic conditions and an ongoing customer shift toward slower,

FedEx said a weaker industrial economy produced a “challenging” quarter that caused it to trim its outlook for later this year, a sign of possible cooling in the wider economy.

FedEx reported a drop in first-quarter profit on Thursday and lowered the top end of its annual profit forecast as demand in the package industry remained muted, especially for priority services. The company's shares fell about 11% to $268.