Prices for industrial metals and oil are closing lower, as a dour outlook from FedEx made investors worry about a stalling worldwide economy.
Palladium is down more than 3 percent, platinum is off more than 2 percent, and oil dropped by more than 1 percent. FedEx cut its growth outlook for the fiscal year and said companies are ditching express air delivery service in favor of cheaper ground service. Investors pay attention to FedEx because the amount that companies ship can be a bellwether of their overall health and the strength of the economy.
Also, investors hope that protests at platinum mines in South Africa will wind down, and that too is pushing down the price of platinum.