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Stocks Sink in Worst Week Since Bottoming in June: Markets Wrap

  • FedEx warning shakes confidence; equity selloff broad-based
  • S&P 500 worst week since June 17, Nasdaq 100 since Jan. 21
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WATCH: Goldman Sachs says there isn’t enough evidence to be underweight equities.Source: Bloomberg
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Stocks fell, capping the worst week since the market hit its low for the year in June, as FedEx Corp.’s warning added to growing concern over outsized Federal Reserve interest-rate hikes.

The S&P 500 fell for a third day this week, down close to 5% for the period, the most since the week ended June 17. The Nasdaq 100 sank 5.8% in the five-day period for the worst week since January. Dip buyers emerged in afternoon trading, with gains in some big tech names including Nvidia Corp. and Intel Corp. FedEx plunged more than 20% after the package-delivery giant withdrew its earnings forecast, citing weakening business conditions.