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US stocks fell on Friday as a recent rebound fizzled out, putting the S&P 500 on course for its fifth week in a row of declines.
The S&P was down 0.7 per cent in early trading, dragged down by disappointing corporate earnings, and the tech-heavy Nasdaq Composite lost 0.9 per cent.
FedEx shares slid 10.4 per cent after the company lowered its earnings forecasts, blaming persistent “weakness and uncertainty in the US industrial economy”.
Nike dropped 7.4 per cent after warning that it expected sales to decline, citing tariffs and falling consumer confidence.
The move means the Wall Street benchmark had given up its small gains from earlier in the week, and was headed for its longest streak of weekly losses in nearly three years.
Stocks have been rocked in recent weeks by concerns about the economic fallout from President Donald Trump’s aggressive tariff policies, as well as a sell-off in the previously high-flying tech sector, pulling the S&P into correction territory.
A rebound earlier in the week after the Federal Reserve kept interest rates on hold but signalled openness to reductions later in the year proved shortlived.
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