Having withdrawn its earnings forecast last week, FedEx Corp FDX.N outlined on Thursday cost cuts of up to $2.7 billion after falling demand hammered first-quarter profits. Shares of Costco Wholesale Corp COST.O dropped 4.3% after the big-box retailer reported a fall in its fourth-quarter profit margins. By David French Sept 23 (Reuters) - Wall Street's main indexes slumped to close well down on Friday, as rattled investors continued repositioning themselves to reflect fears the U.S. Federal Reserve's hawkish rate policy to curb inflation will push the American economy into recession.