US Stocks Edge Lower; FedEx Earnings Miss Views

U.S. stocks traded slightly lower this morning, with the Dow Jones falling around 50 points on Friday.

Following the market opening Friday, the Dow traded down 0.16% to 41,956.23 while the NASDAQ fell 0.01% to 18,012.81. The S&P 500 also fell, dropping, 0.13% to 5,706.13.

Check This Out: Jim Cramer: Viking Therapeutics Has ‘Many Ships Coming In’

Leading and Lagging Sectors

Utilities shares jumped by 1.7% on Friday.

In trading on Friday, energy shares fell by 1%.

Top Headline

FedEx Corporation FDX reported weaker-than-expected results for the first quarter of fiscal 2025 and lowered its full-year guidance.

FedEx reported first-quarter revenue of $21.6 billion, missing analyst estimates of $21.955 billion, according to Benzinga Pro. The company reported first-quarter adjusted earnings of $3.60 per share, missing analyst estimates of $4.80 per share.

Equities Trading UP
                       

• Banzai International, Inc. BNZI shares shot up 131% to $6.62. Banzai International recently announced a 1-for-50 reverse stock split.
• Shares of Battalion Oil Corporation BATL got a boost, surging 122% to $6.53 after the company announced it has amended its merger agreement with Fury Resources for the acquisition of all outstanding shares of Battalion at $7.00 per share in cash.
• Expion360 Inc. XPON shares were also up, gaining 104% to $0.1183.

Equities Trading DOWN

• Corbus Pharmaceuticals Holdings, Inc. CRBP shares dropped 65% to $18.05.
• Shares of Linkage Global Inc LGCB were down 44% to $0.5482.
• Skye Bioscience, Inc. SKYE was down, falling 41% to $3.2550.

Commodities

In commodity news, oil traded down 0.4% to $71.67 while gold traded up 1.1% at $2,642.30.

Silver traded up 1% to $31.74 on Friday, while copper rose 0.5% to $4.3705.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.9%, Germany's DAX declined 0.8% and France's CAC 40 fell 0.8%. Spain's IBEX 35 Index rose 0.3%, while London's FTSE 100 fell 0.9%.

Spain’s trade deficit narrowed to EUR 3.2 billion in July from EUR 4.9 billion in the year-ago month. The manufacturing climate indicator in France slipped to 98.6 in September from 98.9 in the prior month.

Retail sales in the UK rose 1% month-over-month in August compared to revised 0.7% gain in July. Producer prices in Germany fell by 0.8% year-over-year in August.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan's Nikkei 225 gaining 1.53%, Hong Kong's Hang Seng Index surging 1.36%, China's Shanghai Composite Index gaining 0.03% and India's BSE Sensex gaining 1.63%.

Foreign exchange reserves held by the Reserve Bank of India climbed to $689.5 billion as of Sept. 13. The annual inflation rate in Hong Kong came in flat at 2.5% in August, while Hong Kong’s current account surplus increased to HKD 101.03 billion in the second quarter from HKD 50.71 billion in the year-ago period. The Bank of Japan kept its key short-term interest rate unchanged at around 0.25% during its recent meeting.

Economics

The Baker Hughes rig-count report for the latest week will be released at 1:00 p.m. ET.

Now Read This:

• Top 3 Financials Stocks That May Rocket Higher This Quarter