FedEx Report Is Economic Barometer as War Threatens Growth

FedEx Corp. opened 2026 on a tear, as the stock raced ahead on rosy views of the US economy. But with the war in Iran threatening to crimp growth, the delivery giant’s earnings report after the bell on Thursday represents a test of Wall Street’s faith in economic resilience.

The company’s shares soared to a fresh intraday record on Feb. 27, capping a 36% jump to start the year, placing them among the 25 best performers in the S&P 500 Index. But since then, they’ve fallen about 9%, putting them among the index’s bottom third, as investors’ concerns about the impact of the war and surging oil prices overwhelm hopes for lower interest rates and higher tax refunds driving consumer purchases.