Midday Report: FedEx Beats Quarterly Estimates; Crude Falls Even as Supplies Drop

The S&P 500 and Dow Jones Industrial Average turned lower as a selloff in energy resumed.
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The S&P 500 and Dow Jones Industrial Average turned lower as a selloff in energy resumed. Crude oil gave back earlier gains to pull lower even after a drop in domestic stockpiles. Crude supplies fell by 2.5 million barrels in the past week, according to the Energy Information Administration. Existing home sales rose at a faster pace than anticipated in May. Sales of previously owned homes increased by 1.1% to a seasonally adjusted annual pace of 5.62 million. FedEx Corp. (FDX) - Get Report  beat quarterly earnings and sales estimates over its recent quarter. The package delivery company swung to a profit. Red Hat Inc. (RHT) - Get Report surged 10% after beating earnings estimates and bumping its full-year guidance higher.