Drop in S&P500 futures upon reopening - FedEx withdrawing earnings forecast cited

FedEx withdrew its FY23 earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term guidance

In its reporting of Q1 results, which were not good.

• adj. EPS US$3.44 (expected $5.10)
• revenue US$23.2bn (expected $23.54bn)
• preliminary Q1 Operating. income $1.23bn (vs. $1.74bn that was expected)

FedEx says that first quarter results were adversely impacted by reduced volumes of shipments globally. The fall intensified in the final weeks of the quarter. Also:

• macroeconomic weakness in Asia
• services weakness in Europe

The firm cut costs:

• deferral of hiring
• closed more than 90 FedEx locations
• cancelled some planned increases in network capacity

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ps. This would appear to pour cold water on speculation fo a 100bp rate hike from Federal Open Market Committee (FOMC) next week (September 20 & 21 meeting). Totally drown it IMO.