US stock markets finish strongly, near the all-time highs but FedEx delivers a warning

It was a great day for US equities as they delivered a peace dividend that left the S&P 500 within striking distance of the February highs.

• SPX +1.1%
• Nasdaq +1.4%
• Russell 2000 +1.3%
• DJIA +1.1%
• Toronto TSX Comp +0.4%

There is a negative post-script though as FedEx reported after the bell and shares are down 2.3%. The company withdrew guidance and now sees its Q1 EPS (which is the current quarter) at $3.40-$4.00 compared to the estimate of $4.03. The company also cuts its capex..

John Dietrich, FedEx Corp. executive
vice president and chief financial officer:

“Our revised earnings outlook reflects
continued weakness and uncertainty in the US industrial economy, which is
constraining demand for our business-to-business services.”

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