The S&P 500 ended a five-day winning streak on Wednesday as investors’ optimism about global economic growth was countered by a steep drop in FedEx Corp shares, but the benchmark index managed to hover near all-time highs. FedEx shares tumbled 10.0 per cent after the US parcel delivery company cut its fiscal 2020 profit forecast on heavy expenses, slowing global trade and fallout from its breakup with Amazon.com Inc.

The decline in FedEx shares weighed on the blue-chip Dow industrials. Shares of rival package delivery company United Parcel Service Inc fell 1.9 per cent. The FedEx and UPS losses sent the Dow Jones Transport Average down 0.9 per cent. But the Nasdaq notched a record closing high for a fifth straight session.

Even with Wednesday’s nominal losses on the S&P 500, analysts said market sentiment remained largely upbeat following last week’s announcement of an initial US-China trade agreement. Earlier in the session, the S&P 500 hit its fifth consecutive record high. The market largely shrugged off the likely impeachment of US President Donald Trump as the House of Representatives geared up for a historic vote later in the day on two charges accusing Trump of abusing his power and obstructing Congress.

The Dow Jones Industrial Average fell 27.88 points, or 0.1 per cent, to 28,239.28, the S&P 500 lost 1.38 points, or 0.04 per cent, to 3,191.14, and the Nasdaq Composite added 4.38 points, or 0.05 per cent, to 8,827.74.

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