U.S. industrial economy.” As the company prepares to report fourth-quarter results after the closing bell Tuesday, that economy has only gotten less certain since amid the U.S.’s on-again, off-again tariff policy and escalating wars abroad.

The underwhelming forecast sent investors spiraling, since the company often acts as a bellwether for several other industries.

Investors reacted sharply to FedEx’s muted Q1 guidance and decision to withhold a full-year outlook, triggering a 5% stock decline. FedEx shares drop 5% after weaker forecast and tariff hit. Asia to US air cargo,