U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note.

U.S. stocks are hovering around the records they set the day before during a worldwide rally. The S&P 500 slipped 0.2% in afternoon trading Friday but is still on track

Stocks were choppy Friday as market participants took a breather following Thursday's Fed-fueled rally. While buzz continued to swirl around the Federal Reserve's jumbo-sized rate cut from earlier this week, today's headlines centered mostly on single-stock news, including Nike's ( NKE) big C-suite shake-up.

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.

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.

Those pressures do not appear to be easing. In its fiscal 2025 first quarter, which ended Aug. 31, FedEx earned $3.60 per share on revenue of $21.6 billion, falling short of Wall Street's consensus estimates for earnings of $4.76 per share on sales of $21.9 billion.