Tech Strength Lifts Nasdaq to Record High; FedEx Soars on Earnings Beat While Nike and Lululemon Sink on Weak Guidance

Nasdaq closed at a record high on Friday, driven by ongoing tech strength and expectations of a Fed rate cut as soon as June
FedEx stock surged over 7% after delivering better-than-expected earnings results
Nike shares sank 7% after warning of a decline in first-half revenue and ramping up innovation efforts
Lululemon stock fell nearly 16% on weak annual revenue guidance that was slightly below forecasts
Tesla is cutting production at its Shanghai factory to 5 days a week from 6.5 days amid slowing EV demand and rising competition