The following is an excerpt from JONATHAN CHENG | September 5, 2012 | WSJ.com |
Stocks were trading lower as data signaled a slowdown in European manufacturing and after delivery company FedEx FDX -2.19% issued a profit warning.
The Dow Jones Industrial Average slipped nine points, or 0.1%, to 13025, in Wednesday afternoon trading. The Standard & Poor’s 500-stock index lost three points, or 0.3%, to 1401, and the Nasdaq Composite gave up nine points, or 0.3%, to 3066.
Leading the gains were materials and telecommunications stocks, offset by declines in industrials, utilities and energy shares. Disney, DIS +2.31% Boeing BA +1.31% and Hewlett-Packard HPQ +1.50% fared best among the Dow components, while American Express AXP -2.25% and United Technologies UTX -0.61% pulled on the downside.
The moves came after FedEx lowered its first-quarter earnings forecast late Tuesday. FedEx is considered an economic bellwether because of its role in transporting goods around the world, and its profit warning came as investors digested weak manufacturing reports from China and the U.S.
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