A record-setting week for Wall Street closed on a quieter note Friday, as US stocks drifted around the highs they hit during a worldwide rally the day before.
- The Dow rose 38.17 points, or 0.1%, to 42,063.36.
- The S&P 500 fell 11.09 points, or 0.2%, to 5,702.55.
- The Nasdaq fell 65.66 points, or 0.4%, to 17,948.32.
FedEx dragged on the market with a drop of 15.2% after its profit and revenue for the latest quarter fell short of analysts' expectations, per the AP. The company said US customers sent fewer packages through priority services, while it had to contend with higher wages for workers and other costs. FedEx also cut its forecast for revenue growth for its fiscal year. Helping to limit the market's losses was Nike, which ran 6.8% higher after it named Elliott Hill as its chief executive. Hill, 60, had spent more than three decades at Nike in various leadership positions before retiring in 2020. Constellation Energy also leaped 22.3% after announcing it will restart the Three Mile Island nuclear plant and sell the power to Microsoft.
Homebuilder Lennar fell 5.3% after delivering a mixed earnings report. Its profit for the latest quarter topped expectations. But it also said it made less in profit on each $100 of home sales, and it expects that margin to stay flat in the current quarter. Conditions may be set to improve for homebuilders, though. The Federal Reserve earlier this week cut its main interest rate for the first time in more than four years, with more likely to come. That could make mortgages more affordable for homebuyers. No economic releases were on the calendar for Friday to show where the economy may be heading. Next week will have preliminary reports on US business activity, the final revision for how quickly the economy grew during the spring and the latest update on spending by consumers.
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