Recession

FedEx faces steepest stock drop since 2008

Data: Investing.com; Chart: Axios Visuals

FedEx shares fell by the most in a decade after chairman and CEO Fred Smith expressed extreme pessimism about the global economy and the delivery giant’s future during his investor call.

What's happening: "The Memphis, Tenn.-based delivery giant on Tuesday cut its earnings guidance for the fiscal year citing lower revenue projections in its Express unit, which ferries packages and cargo by planes around the world," the Wall Street Journal reports.

RV shipments decline as Trump administration touts economic "boom"

An RV park.
Photo: Jeffrey Greenberg/Universal Images Group via Getty Images

As White House economic adviser Larry Kudlow projected a sustainable "boom" in the U.S. economy this summer, sales in the recreational-vehicle industry have been trending downward, signaling possible economic turmoil to come, Bloomberg writes.

Why it matters: The last 3 recessions (which began in July 1990, March 2001 and December 2007) were all foreshadowed by slumps in RV manufacturers’ shipments. While, as Bloomberg writes, "that’s not a big sample size, and there were modest RV-shipment dips in the mid-1980s and mid-1990s that turned out not to precede recessions," the drop-off in RV purchases could be a sign of consumers growing less optimistic about their financial futures.