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 has lowered its full-year outlook, now expecting low-single-digit revenue growth instead of the previous mid-range estimate. It expects earnings per diluted share of $17.90 to $18.90, down from $18.25 to $20.25. Analysts predict earnings of $19.96 per share and $89.69 billion in revenue.