All three major US stock indexes were down in midday trading as markets appear as though they will end the week on a gloomy note.

In company news, Boeing (BA) has won a multibillion-dollar contract to design and build a fighter jet for the US Air Force, beating Lockheed Martin (LMT), according to media reports Friday. Boeing shares were up 5.3% at noon. Lockheed shares were down roughly 6%.

FedEx (FDX) reported fiscal Q3 adjusted earnings late Thursday of $4.51 per diluted share, up from $3.86 a year earlier but below the consensus estimate of analysts polled by FactSet calling for $4.56. Fiscal Q3 revenue was $22.2 billion, up from $21.7 billion in the year-ago period and above the FactSet consensus of $21.87 billion. The company said it now expects fiscal 2025 adjusted EPS of between $18 and $18.60, down from the previous guidance of $19 to $20. Analysts expect $18.93. FedEx also expects flat to slightly lower revenue for the fiscal year compared to previous guidance of about flat revenue. FedEx shares were down 8.8%.

AstraZeneca (AZN) will invest $2.5 billion in a new research facility in Beijing just months after the company's top executive there was detained by Chinese authorities, Bloomberg reported Friday. AstraZeneca shares were down 1.6%.

Nike (NKE) reported fiscal Q3 earnings late Thursday of $0.54 per diluted share, down from $0.77 in the year-ago period but above the FactSet consensus of $0.28. Fiscal Q3 revenue was $11.27 billion, down from $12.43 billion a year earlier but above the FactSet consensus of $11.02 billion. The company expects revenue to be down at the low end of a mid-teens range in the ongoing quarter, reflecting unfavorable shipment timing in North America and foreign exchange headwinds, Chief Financial Officer Matthew Friend said on a call with analysts. Nike shares were down 5.6%.

Elliott Management, which holds nearly a 5% stake in BP (BP), has urged the energy company to make more aggressive changes, including cost-cutting measures and a possible reshuffling of its leadership, Reuters reported Friday, citing two major shareholders. Elliott is pushing for a reduction in BP's annual spending to below $13 billion and urging for a sale of a significant portion of the company's petrol station network, Reuters reported, citing a source familiar with the matter. Separately, BP and Apollo Global Management (APO) said Friday they reached an agreement for Apollo-managed funds to buy a 25% non-controlling stake in BP's 12% interest in the pipeline carrying natural gas from Azerbaijan through Turkey. Apollo will pay about $1 billion for a stake in BP TANAP, the subsidiary that holds BP's interest in the 1,800-kilometer pipeline, the companies said. BP shares were down 0.7%, while those of Apollo were down 1.1%.

Johnson & Johnson (JNJ) said Friday it plans to increase its US investment to more than $55 billion over the next four years to boost its manufacturing and research capabilities. The investment represents a 25% increase to the previous four years, Johnson & Johnson said. Shares of the company were up 0.3%.

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