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Photo by Tim Rue/Corbis via Getty Images

FedEx CEO Fred Smith signaled darker times ahead for the transportation industry during an earnings call on Tuesday, citing negative economic impact stemming from President Trump's trade war, Brexit and other global issues caused by "bad political choices."

Why it matters: FedEx, along with the rest of the transports sector, is considered a good gauge of economic health.

"Most of the issues that we are dealing with today are induced by bad political choices. Making a bad decision about a new tax, creating tremendously difficult situation with Brexit, the immigration crisis in Germany, the mercantilism and state owned enterprise initiatives in China, the tariffs that the United States put in unilateral. So you just go down the list and they are all things that have created macroeconomic slowdown. The good news is with a change in policy, they could turn it around pretty quick too."
— FedEx CEO Fred Smith on Tuesday's earnings call

The backdrop: Smith's bleak comments about the global economy came alongside FedEx's disappointing earnings report, in which the company sharply cut its profit expectations for next year.

Go deeper

Kendall Baker, author of Sports
44 mins ago - Sports

European soccer is at war

Liverpool celebrating its 2019 Champions League victory. Photo: Nigel Roddis/Getty Images

Europe's biggest soccer clubs have established The Super League, a new midweek tournament that would compete with — and threaten the very existence of — the Champions League.

Why it matters: This new league, set to start in 2023, "would bring about the most significant restructuring of elite European soccer since the 1950s, and could herald the largest transfer of wealth to a small set of teams in modern sports history," writes NYT's Tariq Panja.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

2021's expected earnings blowout begins

JPMorgan CEO Jamie Dimon. Photo: Mark Kauzlarich/Bloomberg via Getty Images

First-quarter earnings so far have been very strong, outpacing even the rosy expectations from Wall Street and that's a trend that's expected to continue for all of 2021. S&P 500 companies are on pace for one of the best quarters of positive earnings surprises on record, according to FactSet.

Why it matters: The results show that not only has the earnings recession ended for U.S. companies, but firms are performing better than expected and the economy may be justifying all the hype.

NASA's Mars helicopter takes flight as first aircraft piloted on another planet

Ingenuity on the surface of Mars, filmed by NASA's Perseverance rover. Photo: NASA Jet Propulsion Laboratory

NASA successfully piloted the Ingenuity Mars helicopter for its first experimental flight on Monday, briefly hovering the aircraft as NASA's Perseverance rover collected data.

Why it matters: Ingenuity's short flight marks the first time a human-built aircraft has flown on a world other than Earth, opening the door to new means of exploring planets far from our own.