Stocks closed mixed on Wednesday, held in check by a warning from the package delivery company FedEx that its profits would be hurt by a slowdown in the global economy.
FedEx cited weakness in its express package delivery business, a sign that its customers around the world are choosing slower, less expensive delivery options. The company’s stock fell $1.74, or 2 percent, to $85.80.
“It’s one more piece of news that suggests that the global economy is slowing and therefore makes central bank action more likely,” said Brian Gendreau, market strategist at the investment advisory firm Cetera Financial.
The Federal Reserve chairman, Ben S. Bernanke, has said the central bank is inclined to provide new stimulus to the United States economy if needed. Investors will get more guidance on Friday when the government releases its monthly report on employment, which is considered one of the most important barometers for the world’s largest economy.
The Dow Jones industrial average closed up 11.54 points, or 0.09 percent, at 13,047.48. The Standard & Poor’s 500-stock index fell 1.50 points, or 0.11 percent, to 1,403.44. The Nasdaq composite index lost 5.79 points, or 0.19 percent, to 3,069.27.
Earlier, the Labor Department reported that companies got more productivity from their workers this spring than originally estimated. Productivity increased at an annual rate of 2.2 percent in the April-June quarter, up from an initial estimate of 1.6 percent. Labor costs rose at an annual rate of 1.5 percent, slightly lower than the 1.7 percent initially estimated.
FedEx cut its earnings forecast late Tuesday, blaming the weak global economy. The company said the shortfall was primarily in its express division, which moves 3.5 million packages on an average day. Poor economic conditions in Europe and slowing growth elsewhere, including in Asia, have led customers away from overnight air delivery.
Stock indexes were mostly higher in Europe, and the yields on government bonds issued by Spain and Italy declined — a sign that investors are becoming more optimistic about the ability of those countries to repay their debts.
Benchmark indexes rose 0.5 percent in Germany and 0.2 percent in France.
The European Central Bank president, Mario Draghi, is expected on Thursday to reveal details of a new bond-buying program intended to cut borrowing costs for Spain and Italy, the latest focuses in Europe’s sovereign debt crisis. Without some way to reduce the interest rates on the bonds they sell, the two nations could be pushed into asking for a bailout, following a path taken by Greece, Ireland and Portugal.
Among other stocks making big moves, Facebook gained 85 cents, or 5 percent, to $18.58 after its chief executive, Mark Zuckerberg, said he would not sell any shares for a year. The company also announced a major stock buyback.
The Hartford Financial Services Group closed up 35 cents, or 2 percent, at $18.05. The insurer and wealth manager said it had agreed to sell its retirement plans business to Massachusetts Mutual Life Insurance for $400 million.
Nokia fell 45 cents, or 16 percent, to $2.38. The Finnish company announced a new Windows-based smartphone in New York. It faces tough competition from Apple, which is expected to announce the latest version of its iPhone next week.
Safeway gained 68 cents, or 4 percent, to $16.50. The supermarket chain said it planned to take the gift-card business Blackhawk Network Holdings public by the first half of 2013.
Interest rates were higher. The Treasury’s benchmark 10-year note fell 6/32 to 100 9/32, and the yield rose to 1.60 percent from 1.57 percent late Tuesday.