FedEx Dips on Profit Drop, Nike Soars on New CEO Appointment

U.S. stock index futures dipped on Friday following a strong rally, fueled by the Federal Reserve's recent interest rate cut. FedEx shares fell due to a profit drop, while Nike surged after appointing a new CEO. Markets are poised for gains despite some premarket fluctuations.

U.S. stock index futures took a slight downturn on Friday, pausing after the previous session's robust rally that set Wall Street's main indexes on track for weekly gains. The Federal Reserve's pivotal stance on monetary policy earlier in the week played a significant role in the market's performance. Notably, the S&P 500 clinched its eighth gain in nine sessions on Thursday, closing at an all-time high and surpassing its previous milestone from mid-July. The Dow also set a record high, settling above the psychological 42,000-point mark.

Among early trading highlights, FedEx saw its shares plummet by 13.1% following a sharp drop in quarterly profit and a trimmed revenue forecast. Conversely, Nike jumped 6%, buoyed by the announcement that former senior executive Elliott Hill would rejoin the company as president and CEO. The overall market sentiment remained optimistic, driven by the Federal Reserve's rate cut and expectations of more to come, with traders eyeing a probable 25-basis-point cut in November according to the CME Group's FedWatch tool.

In a day expected to be characterized by market volatility due to the simultaneous expiration of options and futures in an event known as 'triple witching,' other notable movements included a 4.2% dip in Trump Media & Technology shares and a modest decline in Dell and Palantir Technologies ahead of their scheduled addition to the S&P 500. Globally, investor sentiment remained mixed as central banks in the UK and Japan took cautious stances post-Fed rate decision.

(With inputs from agencies.)