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Stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy . The Dow Jones Industrial Average dropped 306 points, or 1%. The S&P 500 and Nasdaq Composite slid 1.2% and 1.6%, respectively. Shares of FedEx plunged 24% 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.” Transport stocks are typically seen as a leading indicator for the stock market as well as the economy, and FedEx pointed to weakness in Asia as one of the main reasons for its negative outlook. Shares of shipping rivals UPS and XPO Logistics dropped 4% and 7%, respectively, and Amazon’s stock fell 3% . FedEx’s announcement comes soon after a hotter-than-expected inflation report in the U.S. on Tuesday, which raised concerns that the Federal Reserve will be forced to cause a re...

Stocks rose sharply on Friday, clinching the fourth straight positive week for the S&P 500 as investors celebrated signs that inflation is peaking. The Dow Jones Industrial Average added 424.38 points, or 1.27%, to close at 33,761.05. The S&P 500 gained 1.73% to finish at 4,280.15, and the Nasdaq Composite surged 2.09% to 13,047.19. The S&P 500 rose 3.25% on the week and is on track for its longest weekly winning streak since November 2021. The Dow was up 2.92% for the week, while the Nasdaq Composite moved higher by 3.08%. For the Nasdaq, it is also the fourth positive week in a row. The averages have been boosted by positive news on the inflation front . The consumer price index was flat from June to July, thanks in large part to falling gas prices, which lowered headline inflation. The produce price increase showed a surprise decline . On Friday, import prices also fell more than expected. This week’s moves have extended a  market rally off its mid-June lows. The S...