At the end of today's trading, the Nasdaq Composite was up 0.2% at 16,428 – a new record close. The S&P 500 (-0.1% at 5,234) and the Dow Jones Industrial Average (-0.8% at 39,475), on the other hand, retreated from Thursday's record highs, on weakness in Nike (NKE) shares.
Indeed, the blue chip stock slid 6.9% to settle at its lowest point since September following the athletic apparel and footwear maker's earnings report. While Nike beat on both the top and bottom lines in its fiscal third quarter, sales in China and EMEA (Europe, the Middle East and Africa) fell short of what analysts were expecting. Additionally, the company gave disappointing fiscal fourth-quarter and full-year guidance.
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FedEx pops on earnings beat, buyback news
FedEx (FDX) was another big post-earnings mover, with shares surging 7.4% after the logistics giant unveiled its fiscal third-quarter results. FDX reported higher-than-anticipated earnings and revenue for the three-month period and narrowed its full-year earnings per share guidance. The company also said its board of directors approved a new $5 billion stock buyback plan.
Results "benefitted from lower variable compensation," says BMO Capital Markets analyst Fadi Chamoun, adding that "FDX continued to demonstrate solid momentum in terms of cost reduction successfully mitigating an ongoing soft macro environment."PCE, Powell on tap in short trading week
Despite today's mixed finish for the main indexes, all three ended the week with gains ranging from 2% to 3%. This positive price action was sparked by Wednesday's release of the Fed's "dot plot," which showed most central bank officials still anticipate three quarter-point cuts to the federal funds rate this year despite sticky inflation.
Another inflation update is on next week's economic calendar, with the Friday morning release of the February Personal Consumption and Expenditures (PCE) Price Index, which tracks consumer spending. Note that this is also a stock market holiday in observance of Good Friday. Nevertheless, investors will be keen to interpret the inflation data, as well as to tune into a speech from Federal Reserve Chair Jerome Powell later that morning.
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