(Updated – March 22, 2024 11:21 AM EDT)
Investing.com — Main U.S. indexes edged lower Friday but were set to notch weekly gains after the Federal Reserve reaffirmed its plans to cut interest rates this year.
Here are some of the biggest U.S. stock movers today:
FedEx (NYSE:) stock soared 8% as the delivery and logistics firm clocked stronger-than-expected earnings, and also approved a $5 billion share buyback.
Tesla (NASDAQ:) stock fell 2% after Bloomberg reported that the EV manufacturer has scaled back its production in China as it faces slower growth in the sales of new-energy vehicles and increased competition in the world’s largest car market.
Apple (NASDAQ:) rose 0.6% after WSJ reported it held talks with Baidu (NASDAQ:) about using its AI tech in devices in China.
Nike (NYSE:) stock fell 8% after the world’s largest sportswear maker warned that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentages.
Lululemon Athletica (NASDAQ:) stock fell 18% after the athleisure retailer forecast annual revenue and profit below expectations as demand wanes for its premium products, mainly in North America.
Reddit (RDDT) stock fell 1%, a day after the social media platform made its strong market debut.
Coinbase (NASDAQ:) stock fell 2%, with the cryptocurrency exchange suffering as , the most popular digital currency, fell below $65,000, nearing the week’s low.
Best Buy (NYSE:) stock rose 2% after it was upgraded to “overweight” from “neutral” at JPMorgan.
Additional reporting by Louis Juricic
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