FedEx soars premarket; Nike, Lululemon and Tesla fall

investing.com:

Investing.com — U.S. futures edged higher Friday, ending the week on a positive note after the Federal Reserve reaffirmed its plans to cut interest rates this year, potentially as soon as June.

Here are some of the biggest premarket U.S. stock movers today:

FedEx (NYSE:FDX) stock soared 12% as the delivery and logistics firm clocked stronger-than-expected earnings, and also approved a $5 billion share buyback.

Tesla (NASDAQ:TSLA) stock fell 4.1% after Bloomberg reported that the EV manufacturer has scaled back its production in China as it faces slower growth in the sales of new-energy vehicles and increased competition in the world's largest car market.

Apple (NASDAQ:AAPL) stock fell 0.2%, continuing the previous session's 4% drop following the Department of Justice unveiled its long-anticipated lawsuit against the iPhone maker for violating antitrust regulations.

Nike (NYSE:NKE) stock fell 6.1% after the world's largest sportswear maker warned that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentages.

Lululemon Athletica (NASDAQ:LULU) stock fell 13% after the athleisure retailer forecast annual revenue and profit below expectations as demand wanes for its premium products, mainly in North America.

Reddit (NYSE:RDDT) stock fell 5.2%, a day after the social media platform made its strong market debut.

Coinbase (NASDAQ:COIN) stock fell 2.3%, with the cryptocurrency exchange suffering as Bitcoin, the most popular digital currency, fell below $65,000, nearing the week’s low.