Top Stock Movers: Nike, Lennar and More

Key Takeaways

• U.S. stocks fell at midday on renewed concerns about the potential impact of tariffs.
• FedEx and Nike have both warned of the potential impact of an economic slowdown.
• Tesla shares jumped after Elon Musk, CEO of Tesla, held a Tesla all-hands gathering.

U.S. equity prices fell at midday, as renewed concerns about tariffs’ potential impact on the economy arose. The Dow Jones Industrial Average, S&P 500, and Nasdaq all fell.

FedEx (FDX) was the worst-performing stock in the S&P 500 after the package delivery giant slashed its outlook on “weakness and uncertainty in the U.S. industrial economy.”

Nike (NKE), a maker of athletic apparel, warned that tariffs as well as a slipping consumer confidence would also hurt demand. Shares in the company fell.

Lennar’s (LEN) shares fell after the homebuilder warned about a weak housing sector.

Boeing (BA), while Lockheed Martin (LMT), saw their shares rise on the news that the Pentagon had chosen Boeing to build America’s newest fighter plane.

Tesla (TSLA), shares rose after CEO Elon musk held a meeting of all employees where he expressed optimism for the future of the electric car (EV) manufacturer, easing concerns that he spends too much time working with the Trump Administration.

JPMorgan upgraded Super Micro Computer’s (SMCI) stock, pointing to possible gains from increased shipments Nvidia (NVDA) Blackwell chip to the struggling computer manufacturer.

Gold prices dropped. Oil futures, and the yield of the 10-year Treasury Note were not much changed. The U.S. currency was higher against the euro and the pound. It was little changed against yen. Most major cryptocurrencies were trading lower.