Key Takeaways
- The S&P 500 and Nasdaq lost ground at midday Friday after rallying to record highs Thursday in the wake of the Federal Reserve’s rate cut.
- FedEx shares fell after the package delivery firm missed profit and sales estimates and cut its outlook.
- Constellation Energy shares hit a record high on a deal with Microsoft to provide power to the software firm from the restarted Three Mile Island nuclear plant.
The S&P 500 and Nasdaq lost ground at midday Friday after rallying to record highs Thursday in the wake of the Federal Reserve’s rate cut. The Dow was little changed and slightly higher.
FedEx (FDX) shares cratered after the package delivery firm missed profit and sales estimates and cut its guidance on falling demand.
Shares of Lennar (LEN) fell as the homebuilder’s current-quarter outlook for gross margin on home sales was below forecasts.
Trump Media & Technology Group (DJT) shares dropped as investors digested the possibility former President Donald Trump or other company insiders and investors could begin selling shares following the expiration of lock-up agreements.
Constellation Energy (CEG) shares hit an all-time high after the utility announced it would restart the Three Mile Island Unit 1 nuclear plant to provide power for Microsoft’s (MSFT) data centers. The news boosted shares of other electricity providers, including Vistra (VST) and NRG Energy (NRG).
Shares of Nike (NKE) gained after the athletic shoe and clothing giant said former executive Elliott Hill, who spent 32 years at the firm, would replace John Donahoe as CEO.
Oil futures declined and gold prices rose. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up on the euro and yen, but lost ground to the pound. Most major cryptocurrencies traded higher.
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