Major stock indexes fell Friday, a day after the markets charged higher on the Federal Reserve’s decision to cut interest rates. Among the losers was FedEx (FDX), which plunged after reporting earnings. But Dow component Nike (NKE) surged on the stock market today after announcing a management change.
↑ X NOW PLAYING How To Cope With Wild Market Volatility As Fed Cuts Rates
Blue chips on the Dow Jones Industrial Average edged 0.1% lower. The 30-stock index dipped back below the psychological 42,000 level after closing above it for the first time Thursday.
Stocks on the benchmark S&P 500 dipped 0.3%, after hitting new highs Thursday. The tech-heavy Nasdaq composite also eased 0.3%. That pushed the index back below the 18,000 mark after it finished above that threshold on Thursday.
Small caps on the Russell 2000 also showed weakness and pulled back 0.5%.
Volume was higher on both the New York Stock Exchange and Nasdaq exchange on the stock market today. Volume may be elevated as it is “triple witching” day. This quarterly event happens on a Friday with the simultaneous expiration of stock options, stock index futures and stock index options.
The 10-year Treasury yield inched up to 3.75%.
Stock Market Today: Nike Jumps While FedEx Tanks
Dow Jones component Nike (NKE) trimmed larger gains to around 5% in heavy volume on news its Chief Executive John Donahoe will retire on Oct. 13. Returning will be longtime company veteran Elliott Hill to take over as CEO.
The stock has fallen from its November 2021 high of 179.10 to around 86 in recent trades. Forecasts call for four more quarters of declining earnings and sales.
Nike is on pace for its largest increase since Dec. 21, 2022, when it rose 12.2%, according to Dow Jones Market Data. The footwear and apparel stock was the biggest gainer on the Dow Jones index Friday.
FedEx tumbled nearly 15% in huge volume following the company’s miss on fiscal first quarter adjusted earnings and revenue late Thursday. The shipping stock fell below the bottom of its flat base with a 313.84 buy point.
Shares knifed through their 50-day and 200-day moving averages on the stock market today, triggering a sell signal. FedEx also was the biggest loser on the S&P 500.
Meanwhile, Lennar (LEN) lost more than 4% despite reporting better-than-expected profit and sales for its fiscal third quarter. Shares reached an all-time high on Thursday.
Other Stock Movers: Energy Provider Teams Up With Microsoft
Constellation Energy (CEG) popped more than 13% on news it made a deal with Microsoft (MSFT) to provide energy from its Three Mile Island nuclear power site.
The energy provider will restart a closed nuclear unit and provide low-carbon energy to Microsoft for the next two decades. Constellation broke out of an undefined base with a 236.30 buy point and hit an all-time high before retracing below the buy point.
Microsoft dipped 0.5% in heavy volume. Shares are in a cup base with a 468.35 buy point, according to MarketSurge pattern recognition.
Online pet supply retailer Chewy (CHWY) tumbled 5% on the stock market today. The company announced a public offering of $500 million of its common stock, but plans to purchase $300 million of that. Shares are in a cup base with a 39.10 buy point.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
YOU MAY ALSO LIKE:
Homebuilder’s Sales Growth Accelerates As Analyst Makes This Forecast | Stocks To Watch
This Industry Is Poised To Benefit From Lower Rates | Stocks To Watch
Looking For Market Insights? Check Out Our Live Daily Segment | Stocks To Watch
Is Tilray A Buy Following Trump Social Media Post?
As Gold Prices Hit New Highs, Is It Time To Buy Or Cash In Gold Stocks And ETFs? | Stocks To Watch
