US equity markets weaker following a pair of soft economic reports - Dow added +80-points or +0.24%. The broader S&P500 slipped -0.25%, with Consumer Discretionary (down -2.04%) leading seven of the eleven primary sectors lower. The more defensive Utilities (up +2.57%) and Health Care (+1.73%) sectors sat at top of the primary sector leaderboard, while the Energy sector rose +1.42%. FedEx Corp rose +1.52% after the logistics giant announced plans to consolidate its operating companies into one organisation as part of an initiative called ‘Drive’, with the transition expected to be fully implemented in June 2024. The company expects the overall initiative to drive US$4B in permanent cost reductions in fiscal 2025. FedEx also plans to boost its annual dividend by +10% to US$0.44c per share. Costco Wholesale Corp fell over >2% in extended trading (after slipping -0.12% in the regular session) after the membership warehouse retailer reported its first monthly same-store sales (SSS) drop (down -1.1%) in nearly three years in March. The Nasdaq lost -1.07%, extending the technology centric indice’s decline into a third straight session. The small capitalisation Russell 2000 lost -0.99%.
