Stocks were mostly lower Friday, a day after the Dow Jones Industrial Average and S&P 500 closed at record highs following the Federal Reserve’s half-point cut to interest rates.These stocks were making moves Friday:Shares of FedEx were tumbling 14% after the shipping and logistics company reported fiscal first-quarter adjusted earnings that widely missed Wall Street estimates amid a slump in demand and cut its fiscal 2025 outlook.

The S&P 500 and Nasdaq lost ground at midday Friday after rallying to record highs Thursday in the wake of the Federal Reserve's rate cut.

FedEx reported revenue of $21.6 billion and adjusted earnings of $3.60 per share, well below our estimates of $22.1 billion, and $4.90, respectively.

FedEx stock is plunging Friday after the logistics giant came up short of earnings expectations and revised its full-year outlook. Here's what you need to know.

The package-delivery giant said reduced demand for priority services and higher operating costs weighed on results.

FedEx came up short on top and bottom lines, and guidance revisions suggest there is more bad news to come in fiscal 2025.