Stocks were modestly lower Friday, a day after the Dow Jones Industrial Average and S&P 500 closed at record highs following the Federal Reserve’s half-point cut to interest rates.These stocks were making moves Friday:Shares of FedEx were tumbling 13% after the shipping and logistics company reported fiscal first-quarter adjusted earnings that widely missed Wall Street estimates amid a slump in demand and cut its fiscal 2025 outlook.

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.

U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note.

U.S. stocks are hovering around the records they set the day before during a worldwide rally. The S&P 500 slipped 0.2% in afternoon trading Friday but is still on track

Stocks were choppy Friday as market participants took a breather following Thursday's Fed-fueled rally. While buzz continued to swirl around the Federal Reserve's jumbo-sized rate cut from earlier this week, today's headlines centered mostly on single-stock news, including Nike's ( NKE) big C-suite shake-up.