FedEx is starting to feel the pain from the global slowdown.

The massive package shipping company lowered its performance outlook for the year right before the crucial holiday shipping season. The problem: the weak global economy and strong U.S. dollar.

FedEx (FDX) is just the latest of many multinational U.S. companies getting hit by the global economic slowdown.

Companies of all stripes from Pepsi (PEP)and John Deere (DE) to Microsoft (MSFT) and Caterpillar (CAT) have been hit this year by the strong U.S. dollar and weaker demand abroad.

China's economic slowdown is sending a ripple effect across many global economies, where many American companies do business.

About 44% of S&P 500 revenues come from outside the United States. FedEx is no different: 37% of its employees are based outside the U.S.

"FedEx is performing solidly, given weaker than expected global economic conditions especially in manufacturing and global trade," said FedEx CEO Fred Smith.

In the last three months, FedEx's export revenue per package decreased by 7% and the number of packages it ships as international priority also decreased 5%.

FedEx stock fell over 3% Wednesday.

The strong dollar is also hurting the company. A strong dollar may be good for American travelers, but it makes U.S. products more expensive -- and less attractive -- to foreign buyers, which hurts trade.

Correction: A previous version of this story incorrectly quoted Fred Smith, CEO of FedEx. We apologize for the error.