Futures dip after Wall Street rally, Nike CEO to step down - what's moving markets
Investing.com -- US stock futures inched down on Friday following a furious, record-setting rally on Wall Street in the previous session. Appetites for technology stocks and other risky assets were whetted by the Federal Reserve's super-sized interest rate reduction earlier in the week, while fresh jobless claims data bolstered hopes that the lower borrowing costs will support labor demand without re-fueling price pressures.
The BOJ kept its key short-term rate at 0.25%, with all nine members of the rate-setting board supporting a hold. The decision was in line with market forecasts, with the BOJ tipped to adopt a wait-and-see approach after raising borrowing costs twice so far this year. The PBOC kept its one-year LPR at 3.35%, while the five-year LPR, which is used to determine mortgage rates, was left unchanged at 3.85%.Shares in Nike rose in extended hours trading after the athletic apparel firm announced that Chief Executive John Donahoe will set to step down from the position next month.
The announcement comes after Nike has seen its market share eroded by new competitors like On and Hoka. In June, the group issued a sales warning for its core products, sending its stock price down by 20% at the time. FedEx reported adjusted earnings of $3.60 per diluted share on revenue of $21.6 billion. Analysts polled by Capital IQ had anticipated EPS of $4.86 on revenue of $21.96B.
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