New York – March 21, 2025 – Wall Street faced another tough session on Friday, with the Dow Jones Industrial Average plunging 376.24 points to 41,577.08 in the first hour of trading. The sharp decline was fueled by rising trade war concerns, recession fears, and disappointing outlooks from major companies, including Nike Inc. (NYSE: NKE) and FedEx Corp. (NYSE: FDX).
📉 Gloomy Corporate Outlooks Add to the Pressure
Nike’s warning of weaker-than-expected Q4 revenue, projecting a mid-teens percentage drop, rattled investors. The sportswear giant is struggling to regain market share as consumers gravitate toward trendier brands. Shares fell over 6% in after-hours trading following the company’s Q3 earnings update, despite better-than-anticipated results for the previous quarter.
The negative sentiment spilled over to JD Sports Fashion PLC (LSE:JD) in the UK, with the retailer’s shares tumbling 5% during a difficult afternoon session.
Meanwhile, FedEx added to the market’s woes by issuing a cautious outlook, amplifying fears of slowing global trade and economic weakness.
⚠️ UK and European Markets Follow Suit
The bearish sentiment extended across the Atlantic, with the FTSE 100 dropping 70 points to 8,632.57, capping off a volatile week that saw the index struggle to hold onto gains.
🛢️ JPMorgan Bullish on Copper and Rio Tinto
Amid the market sell-off, JPMorgan reaffirmed its bullish outlook on copper, highlighting Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) as one of its top picks in the sector. The bank cited an anticipated global copper supply deficit starting in 2025, which is expected to widen significantly by the end of the decade.
JPMorgan praised Rio Tinto’s 30% projected copper production growth by 2028 and its attractive valuation compared to peers, making it a compelling long-term play for investors seeking exposure to the red metal.
đź“Š Market Outlook: Caution Prevails
As the week wraps up, investors remain on edge, grappling with economic uncertainty, corporate profit warnings, and commodity market volatility. With the Dow slipping further and global markets following suit, all eyes are on upcoming macroeconomic data and corporate earnings for signs of stability.
