NEW YORK (Reuters) – The S&P 500 ended a five-day winning streak on Wednesday as investors’ optimism about global economic growth was countered by a steep drop in FedEx Corp (FDX.N) shares, but the benchmark index managed to hover near all-time highs.
FedEx shares tumbled 10.0% after the U.S. parcel delivery company cut its fiscal 2020 profit forecast on heavy expenses, slowing global trade and fallout from its breakup with Amazon.com Inc (AMZN.O).
The decline in FedEx shares weighed on the blue-chip Dow industrials. Shares of rival package delivery company United Parcel Service Inc (UPS.N) fell 1.9%. The FedEx and UPS losses sent the Dow Jones Transport Average .DJT down 0.9%.
But the Nasdaq notched a record closing high for a fifth straight session.
Even with Wednesday’s nominal losses on the S&P 500, analysts said market sentiment remained largely upbeat following last week’s announcement of an initial U.S.-China trade agreement. Earlier in the session, the S&P 500 hit its fifth consecutive record high.
The market largely shrugged off the likely impeachment of U.S. President Donald Trump as the House of Representatives geared up for a historic vote later in the day on two charges accusing Trump of abusing his power and obstructing Congress.
The Dow Jones Industrial Average .DJI fell 27.88 points, or 0.1%, to 28,239.28, the S&P 500 .SPX lost 1.38 points, or 0.04%, to 3,191.14, and the Nasdaq Composite .IXIC added 4.38 points, or 0.05%, to 8,827.74.
The small-cap Russell 2000 hit its highest level in 14 months and ended 0.25% higher.
Volume on U.S. exchanges was 7.72 billion shares, compared to the 6.95 billion average for the full session over the last 20 trading days.