The S&P 500 Index ($SPX) (SPY) today is down -0.54%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.62%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.53%. June E-mini S&P futures (ESM25) are down -0.50%, and June E-mini Nasdaq futures (NQM25) are down -0.51%.
Stock indexes today are under pressure due to some weaker-than-expected corporate earnings reports. FedEx, considered an economic barometer, is down more than -9% as it cut its profit outlook, citing cost pressures and weaker demand. Also, Micron Technology is down more than -7% to lead chip stocks lower after forecasting Q3 adjusted gross margin below consensus. In addition, Nike is down over -6%, blaming tariffs and geopolitics for its earnings woes. The downbeat earnings results add to concerns over the global economic outlook ahead of President Trump's April 2 deadline for a series of broad reciprocal tariffs.
