FedEx said a weaker industrial economy produced a "challenging" quarter that caused it to trim its outlook for later this year, a sign of possible cooling in the wider economy.

Shares in FedEx (FDX) fell after the package-shipping company cut its full-year financial outlook. Late Thursday, FedEx also posted lower quarterly profit and revenue. Weaker-than-expected demand, particularly in the U.

Freddie Mac will be reporting this week's mortgage rate print tomorrow after the 30-year fixed rate mortgage cooled to 6.2% last week. Additionally, initial jobless claims for the prior week will be reported.

FedEx reported a drop in first-quarter profit on Thursday and lowered the top end of its annual profit forecast as demand in the package industry remained muted, especially for priority services. The company's shares fell about 11% to $268.

FedEx stock was falling sharply in premarket trading Friday after the company reported worse-than-expected fiscal first-quarter earnings.The economy just isn’t helping, and there is a troubling shift happening which shows why the Fed just cut benchmark interest rates.