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Carriers attribute the softer outlook to shippers front-loading inventory earlier in the year due to tariff concerns, combined with cautious consumer spending amid inflation worries.

The changes to global trade and supply chains driven by factors including technology and geopolitical risks are likely to persist over the long term, according to FedEx CEO Raj Subramaniam.

FedEx spokeswoman Savannah Haeger said the order represents the first time the shipping company has paired an order in the medium-sized EV chassis space with an investment in the EV truck maker.

“What you’re seeing right now clearly is something of a relief rally when people have been pretty negative on the prospects for both FedEx and UPS,” said Ari Rosa, an analyst at Citigroup.

UPS and FedEx said Nov. 7 that they were grounding their fleets of McDonnell Douglas MD-11s “out of an abundance of caution." The planes make up about 9% and 4% of their fleets, respectively.

U.S. airlines began canceling hundreds of flights Nov. 6 due to the Federal Aviation Administration’s order to reduce traffic at the country’s busiest airports starting Nov. 7.

The acquisition strengthens UPS’ position in health care logistics, where major carriers are racing to build infrastructure for time- and temperature-sensitive shipments.

The results suggest CEO Carol Tomé’s revival efforts are gaining traction after UPS struggled with slow demand, high expenses and uncertainty fueled by tariffs.

Marshall Witt's appointment marks a return to familiar ground. He spent 15 years at FedEx earlier in his career, including in senior finance leadership positions at FedEx Freight.

“Our earnings growth underscores the success of our strategic initiatives, as we are flexing our network and reducing our cost-to-serve," CEO Raj Subramaniam said in a statement.