S&P 500 Gains and Losses Today: UPS Stock Drops as Shipper Trims Amazon Deliveries
1. UPS reported lower-than-expected fourth-quarter sales and profits. 2. Shares plunged 14.1%, the largest drop in the S&P 500. 3. UPS will reduce Amazon delivery volumes by 50% by 2024. 4. This shift may lead to more profitable projects and higher margins. 5. Amazon accounts for nearly 12% of UPS's revenue in 2024.