U.S. stock futures fell on Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy.
Futures for the Dow Jones Industrials slumped 236 points, or 0.8%, early Friday to 30,836.
Futures for the S&P 500 dropped 32.5 points, or 0.8%, to 3,886.75
Futures for the NASDAQ Composite Index fell 116- points, or 1%, to 11,891.50.
Shares of FedEx plunged 19% after the shipments company withdrew its full-year guidance and said it will implement cost-cutting initiatives to contend with soft global shipment volumes as the global economy “significantly worsened.”
The three major averages were on pace to notch their fourth losing week in five as a comeback rally looks increasingly like a bear market bounce.
The Dow has declined 3.7% this week, while the S&P 500 is 4.1% lower. The NASDAQ is down 4.6%, headed toward its worst weekly loss since June.
The bulk of the losses came on Tuesday following a surprisingly hot reading in August's consumer price index report, with the Dow losing 1,200 points in its worst decline in two years.
In Japan, the Nikkei 225 index fell 1.1% Friday, while in Hong Kong, the Hang Seng gave back 0.9%.
Oil prices gained 64 cents to $85.74 U.S. a barrel.
Gold prices dished off $4.40 to $1,692.90 U.S. an ounce.