Overview

• The Federal Reserve cut interest rates by 50 basis points, marking its first reduction since 2020.
• Despite the rate cut, the S&P 500 fell 0.2% and the Nasdaq dropped 0.4% on Friday, while the Dow edged up 0.09% to a new record high.
• FedEx shares plunged over 15% after missing quarterly profit and revenue expectations and lowering its full-year outlook.
• Nike shares surged nearly 7% following the announcement that Elliott Hill will replace John Donahoe as CEO.
• Constellation Energy soared 22% after announcing plans to restart the Three Mile Island nuclear plant to supply power to Microsoft data centers.