FedEx FDX -1.86%decrease; red down pointing triangle for years operated almost indistinguishable Ground and Express networks, their trucks sometimes delivering packages to the same doorstep within minutes of each other. Merging the two has revealed just how different the halves really were.

The market is caught between excitement over Fed rate cuts and nervousness over weakening consumer trends, unemployment, and falling wage growth. I've been discussing the ongoing economic weakening, declining consumer spending power, and labor market struggles for months. I discuss my call for a 2024 recession, data on weakening consumer trends, the impact of Fed rate cuts on big tech, and a cautious buy list.

The latest trading day saw FedEx (FDX) settling at $297.83, representing a -1.46% change from its previous close.

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FedEx (FDX) reported earnings 30 days ago. What's next for the stock?

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FedEx is near all-time highs for several important financial metrics. The company has maintained profit margins despite lower delivery volumes.

Both UPS and FedEx told their customers Friday (July 19) that package deliveries may be delayed due to the global Microsoft outage that began late Thursday (July 18). “A third-party software outage is impacting some UPS computer systems,” UPS said in a service alert on its website.

It's not been a great year for transportation stocks. The benchmark SPDR S&P Transportation ETF (NYSEARCA: XTN ) has fallen 9% over the past 12 months.

A sea change in the market might be starting to occur. The June Consumer Price Index showed that inflation in the U.S. declined to an annualized rate of 3%, its lowest level in three years.