• U.S. stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street’s impressive rally, which had been driven by falling interest rates and the Federal Reserve’s dovish turn.
• All three major U.S. stock indexes veered lower late in the session to end 1.3% to 1.5% below Tuesday’s close.
• FedEx shares tumbled 12.1% after the package delivery company missed quarterly profit estimates and cut its full-year revenue forecast as it battles United Parcel Service in what is shaping up to be a weak holiday season. UPS dropped 2.9%.
• Some traders said the market selloff could have been aggravated by large purchases of near-term put options on the S&P 500, including put contracts that would guard against a drop below the 4,755 level on the index by the end of the session.
• https://www.reuters.com/markets/us/futures-take-breather-after-rally-fedex-slides-2023-12-20/