Afternoon Market Update

FedEx FDX reported weaker-than-expected Q2 results. The company's earnings came in at $0.89 per share, down from $1.10 per share, in the year-ago quarter. The company posted earnings at $1.16 per share, after excluding charges. The company's revenue increased 12% y/y to $9.63 billion. However, analysts were expecting earnings at $1.31 per share on revenue of $9.78 billion. Shares of Wynn Resorts WYNN rose after analyst at JP Morgan upgraded the stock. Analyst Joe Greff upgraded the stock to an “overweight” rating. WYNN shares gained about 5.5% following the upgrade in rating. Gold futures dropped for a second day, after a stronger Philly Fed manufacturing survey. Gold for February delivery fell 1.13% to $1,371 an ounce. The contract rebounded for some time after economic reports on first-time jobless claims and housing starts. Read more from Benzinga's Markets.