Nike, Reddit Slow as Stocks Wrap Up Best Week of 2024

Unexpectedly strong FedEx profit provides a lift
By Newser Editors and Wire Services
Posted Mar 22, 2024 3:35 PM CDT
Nike, Reddit Slow as Stocks Wraps Up Best Week of 2024
Reddit Inc. signage is seen on the New York Stock Exchange trading floor prior to Reddit's IPO on Thursday.   (AP Photo/Yuki Iwamura)

Stocks closed their best week of the year so far with a quiet finish on Friday, the AP reports, remaining near their records:

  • The Dow fell 305.47, or 0.8%, to 39,475.90.
  • The S&P 500 slipped 7.35 points, or 0.1%, from its all-time high to close at 5,234.18.
  • The Nasdaq rose 26.98, or 0.2%, to 16,428.82 to add to its record.

Nike dragged on the market in falling 6.9%. The company reported stronger results for the latest quarter than analysts expected, but it's in the midst of several fundamental changes to inject newness into its shoes and other products to make them more popular. Shares of Lululemon Athletica also dropped despite a better-than-expected profit report. The athletic apparel company gave forecasts for revenue and profit that fell short of analysts' expectations, and it sank 15.8%. Reddit fell 8.8% to give back some of its dynamic debut on the US stock market. The eclectic bazaar of online communities offered its stock at an initial price of $34 a share and gained 48.4% in its first day of trading on Thursday.

Helping to support the market was FedEx, which climbed 7.4% after reporting stronger profit than expected despite what it called "a difficult demand environment." Some of the market's wildest action was centered on Digital World Acquisition Corp. The company's shareholders on Friday approved a merger with the company behind Donald Trump's Truth Social platform. Its stock went from a 12% gain early in the day to a drop of 13.7%. Earlier this week, the Federal Reserve indicated that it still may deliver three cuts to interest rates this year, as long as inflation keeps cooling. That calmed worries on Wall Street that several hotter-than-expected inflation reports this year could force it to take rate cuts off the table.

(More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.