Wall Street Closes Record-Setting Week Mixed

A record-setting week for Wall Street ended on a quieter note Friday, as US stocks fluctuated near the highs they reached during a global rally the previous day.

The S&P 500 slipped by 0.2% from its record, and the Nasdaq composite fell by 0.4%. Meanwhile, the Dow Jones Industrial Average added 38 points, or 0.1%. I Photo: Tdorante10

The S&P 500 slipped by 0.2% from its record, and the Nasdaq composite fell by 0.4%. Meanwhile, the Dow Jones Industrial Average added 38 points, or 0.1%, reaching an all-time high, according to a report by Stan Choe for the Associated Press.

FedEx weighed down the market with a 15.2% drop after reporting quarterly profit and revenue below analysts’ expectations.

The company attributed the decline to fewer US customers using priority services and higher labor and operational costs. FedEx also lowered its revenue growth forecast for the fiscal year.

Nike helped offset the market's losses by climbing 6.8% after naming Elliott Hill as its new chief executive. Hill, 60, had spent over three decades at Nike in various leadership roles before retiring in 2020.

Constellation Energy also surged by 22.3% following its announcement that it will restart the Three Mile Island nuclear plant and sell the generated power to Microsoft.

Shares in Trump Media and Technology Group (TMTG) dropped 7.8%, as its largest shareholder, former President Donald Trump, gained the ability to sell his shares. Trump owns over half of the $2.7 billion company behind the Truth Social platform.

However, a “lock-up agreement” had previously prevented him and other insiders from selling their shares. Before the lock-up expired, Trump stated that he was in no hurry to sell.

TMTG’s stock has fallen below $14, down from over $60 in March. Over the past six months, the stock has experienced frequent volatility, often swinging by at least 5% in a single day, according to reports by Matt Ott and Zimo Zhong for AP.