Nasdaq Opens 1% Lower While S&P Sinks 0.8%. FedEx Stock Falls over 10%; Nike Drops 8%
U.S. stocks opened lower on Friday as market participants continued to grapple with the ramifications of tariffs, with FedEx being the latest company to alter its full-year forecasts due to economic uncertainty.
FedEx shares were hurting sentiment, with shares of the bellwether transportation company down over 10% on Friday. FedEx cut its earnings outlook, citing “weakness and uncertainty in the U.S. industrial economy.”
Nike shares were off by 8% after the shoe and apparel giant said sales this quarter would miss analysts’ expectations because of tariffs and falling consumer confidence. The retailer’s comments were having knock-on effects within the sector.
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