US mkts slips on financial worries

CNBC's Margaret Brennan - Disappointing results at FedEx and more worries about the financial sector weighed on the overall market. On Wednesday the Dow was down for the third straight session by 131 points, the Nasdaq traded lower by 28 points.

Oil snapped its three-day losing streak, gaining USD 2.67/bbl to close at a USD 136/bbl. That gained as Chevron workers neared a strike deadline in Nigeria and they came despite where the US gasoline demand declined according to US government in the month of May. Higher fuel cost at the pump wait on delivery company FedEx’s result. The delivery company relies heavily on its aircraft and its trucks to deliver packages, but the company says all of that and those increase costs are going to hurt its 2009 results, their outlook came in below Wall Street was looking for and shares traded down 2% on that disappointment.

Investment Bank Morgan Stanley reported its earnings and its 60% drop in its income all of that due to wrong bets on commodity markets and credit positions. The Headline raised concerns once again about the health of the overall financial sectors.