Charlie Grant

speaker

422 appearances 10 recordings 1 series first heard Jul 2017 last heard Apr 2024

Charlie Grant’s voice in public audio — every appearance, attributed to the second.

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One reason markets have rallied so much lately is that investors believe the economy is slowing, but not too quickly.

But earnings from some big names this week might have given investors at least a small reason to reconsider that idea.

The package delivery giant FedEx reported weak results Tuesday night.

Shares toppled 12% the next day, their worst one-day drop in more than a year.

And they've remained low throughout the week.

FedEx said it's seeing weaker demand and it lowered its forecast for annual revenue.

Executives said the mix of consumer spending between goods and services is close to pre-pandemic levels.

That makes sense to me.

I certainly have way fewer boxes coming to my house than I did in 2021, even though I just finished doing my Christmas shopping.

And Friday had some bad news for investors and gamers.

The Chinese government is cracking down on online gaming, and stocks in the industry took a big hit.

The new proposals include preventing game companies from using rewards that might encourage people to spend more time or money online.

And the stock market fallout was no joke.

Tencent fell 12% in overseas trading and lost $46 billion in market value.

That's billions with a B. And NetEase, the Chinese gaming company, fell 25%.

Gaming stocks in the U.S.

were relatively unscathed.

But a lot of investors depend on China as a key growth market worldwide in a lot of industries, not just gaming.

And this week brought an unfortunate reminder of what can happen when stocks encounter unfriendly government policies.

And now you know what's news in markets this week.

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