Parcel Delivery Company FedEx Rises and Sports Brand Nike Down on Wall Street
Parcel delivery company FedEx was among the winners on Wall Street on Friday, helped by better-than-expected quarterly figures. The results of sports goods brand Nike were less favourable to investors.
The stock markets in New York showed a mixed picture, after the loss the day before, with the technology funds, in particular, being sold off due to concerns about rising interest rates.
Shortly after the opening of trading, the FedEx stock recorded a plus of 5.4 percent. The company saw its results improve sharply in the past quarter due to the continued strong demand for home delivery due to the many online shopping during corona time. FedEx was affected by bad winter weather in much of the United States, which disrupted operations at several of the company’s major parcel sorting centres. Industry colleague UPS went up 1.6 percent in its wake.
Nike lost 4.5 percent in the opening minutes. The company suffered last quarter from the global shortage of shipping containers, which slowed down shipments of shoes and clothing to the US home market from foreign factories and delays in ports. That led to a lack of supplies, which led to lower sales in North America.
The leading Dow Jones index fell 0.8 percent to 32,615 points from the start, and the broad S&P 500 fell 0.5 percent to 3,896 points. The big American banks lost a bit after the exchange rate gains the day before. For example, Bank of America, Citigroup, Goldman Sachs, Wells Fargo and JPMorgan Chase fell in value to 3.6 percent.
The technology gauge Nasdaq just posted a plus of 0.3 percent at 12,821 points after it ended up more than 3 percent in the red on Thursday. Tech funds such as Apple and Microsoft gained up to 0.4 percent. Facebook gained more than 2 percent, but Tesla gave up further ground with a minus of 1 percent. A day earlier, the Tesla share fell nearly 7 percent.