FedEx Surges on Strong Earnings; Apple and Nike Drop on Growth Concerns

FedEx reported better-than-expected quarterly earnings and revenue, sending its shares surging 12% premarket. It raised its profit forecast but expressed caution about economic uncertainty.

U.S. stock futures edged higher, heading for a fourth straight week of gains after the Fed reiterated plans for three rate hikes this year despite a better economic outlook.

The U.S. Department of Justice sued Apple for alleged antitrust violations, accusing it of abusing its power and operating an iPhone monopoly. Apple shares fell over 4%.

Nike shares dropped premarket after it warned of slowing growth and a potential revenue decline in 2025 as it pulls back on franchises to cut costs. But it beat Q3 estimates.

Oil prices retreated on reports of possible ceasefire talks between Israel and Hamas, which could ease geopolitical tensions in the Middle East.