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Stocks fell at the open as the shares of Nike (NKE), FedEx (FDX) and Micron declined after the companies’ earnings disappointed investors. The S&P 500 and Nasdaq Composite both fell about 0.8% as of 9:45 a.m, with the Dow Jones Industrial average shedding 405.6 points, or almost 1%.
The shares of some Chinese electric-vehicle makers are falling after Nio’s (NIO) net loss unexpectedly widened. Nio stock declined 5.1%, paced by declines of 2.2% in Xpeng (XPEV) and of 1.5% in Li Auto (LI). Tesla (TSLA) gained 2.4%.
Here are some stocks to watch on Friday:
Carnival
Carnival’s (CCL) stock plunged 5.8% after the company posted earnings. While the results topped expectations, Wall Street Journal (NWSA) columnist Spencer Jakab wrote that cruise lines are in good shape — but investors have been nervous about travel demand since Delta Air Lines (DAL)’ cut its outlook.
FedEx
FedEx stock plunged 11% after it cut its full-year revenue and profit forecasts due to economic softening and uncertainty in the U.S., as well as severe weather.
Micron
Micron’s (MU) shares fell 7.6% after the company said that margins will miss analysts estimates this quarter, Bloomberg reported. The memory-chip maker’s earnings, released after the close yesterday, exceeded expectations for fiscal second-quarter revenue and profit on AI-related demand.
Nike
Nike’s stock tumbled 8.8% after the shoemaker reported a tough quarter as it sought to pivot back toward its athletic origins while navigating increased tariffs on China-made goods and a softening U.S. consumer market. Its sales projection for the current period was much worse than expected.
Nio
Nio’s ADRs fell 5.1% after the Chinese EV-maker’s net loss unexpectedly widened. The shares plunged 8.9% yesterday ahead of the results, and fell 8.8% in Hong Kong on Friday.
Nvidia
Nvidia’s (NVDA) shares slid 2.1% as its AI conference wraps up on Friday. CEO Jensen Huang said the chipmaker is partnering with quantum computing firms including Quantinuum and QuEra Computing to build a Boston-based research center that will integrate quantum computing with AI supercomputers.