Investing.com - U.S. stock futures edge lower following a bout of volatility in the previous session. Shares in FedEx (NYSE:FDX) and Nike (NYSE:NKE) slip in extended hours trading, as investors parsed through the financial outlooks from the parcel deliverer and shoemaker. Elsewhere, Tesla (NASDAQ:TSLA) trade ins are reportedly on pace to increase to a record high level this month as the company grapples with backlash to CEO Elon Musk’s role in the Trump administration, while London’s Heathrow Airport is set to be closed all day on Friday due to a power outage sparked by a massive fire at a nearby electrical substation.
1. Futures slip
U.S. stock futures dropped on Friday after equities on Wall Street slipped in the prior session.
By 04:36 ET (08:36 GMT), the Dow futures contract had fallen by 166 points or 0.4%, S&P 500 futures had dipped by 22 points or 0.4%, and Nasdaq 100 futures had retreated by 85 points or 0.4%.
The main averages all ended modestly lower following choppy trading on Thursday, as traders gauged the outlook for Federal Reserve policy against ongoing tariff worries and assessed some economic data.
Meanwhile, a decision by the European Union to delay the imposition of retaliatory tariffs on U.S. whiskey bolstered hopes that talks between Brussels and Washington could avert a damaging trade conflict between the two major trading partners. The EU has said the postponement will help buy time for discussions with the U.S.
However, analysts at Vital Knowledge noted that "stocks were a lot more volatile than news flow today, as we didn’t really see any fundamental developments or headlines that struck us as being incredibly incremental."
In individual stocks, shares in consultancy group Accenture (NYSE:ACN) sank to their biggest one-day percentage decline in a year. Executives at the firm flagged that recent U.S. government cost cust were denting its business, adding that the level of uncertainty in the operating environment has risen in the last few weeks.
2. FedEx slashes annual forecast
Shares in FedEx fell in extended hours trading after the parcel delivery company cut its annual profit and revenue outlook.
In a statement, CFO John Dietrich said the reduction was due to "continued weakness and uncertainty in the U.S. industrial economy" that is weighing on demand for its business-to-business services.
The comments come as concerns rise that the industrial sector, which includes firms that make products used to manufacture other items and is a key driver of FedEx deliveries, could be impacted by President Donald Trump’s tariff plans. CEO Raj Subramaniam warned that the operating environment was "very challenging" and marred by "a compressed peak season and severe weather events."
FedEx slashed its full-year forecast for adjusted profit per share to a range of $18 to $18.60, down from its previous income guidance for the fiscal year ending in May 2025 of $19 to $20 a share. That forecast itself was a reduction from the initial target range of $20 to $22 per share.
Revenue at Memphis-based FedEx is also tipped to be flat to slightly down year-over-year, compared with an earlier estimate that it would be approximately flat.
3. Nike fourth-quarter revenue estimates disappoint
Nike’s fiscal fourth-quarter revenue estimate came in below analysts’ expectations, sending shares in the shoe retailer down by more than 4% in extended hours trading.
CFO Matthew Friend told investors in a post-earnings call on Thursday that sales during the period are tipped to decline in the mid-teens percentage range. Analysts have been expecting a decrease of 12.22% to $11.07 billion, according to LSEG data cited by Reuters.
Friend added that an ongoing effort to clear out unsold inventory by offering discounts on older items could dampen fourth-quarter returns.
The statement helped erase initial after-hours gains in the stock that were fueled by better-than-anticipated third-quarter results. Demand during the period was boosted by upbeat shopper reactions to new shoe launches, which have been a key pillar of CEO Elliott Hill’s push to turn around recently underwhelming performance at the Air Jordan maker.
4. Tesla trade ins on track for record high - Reuters
The number of Tesla electric vehicles (EV) traded in this month are on pace to hit a record high, Reuters reported on Thursday, citing data from national car shopping website Edmunds.
Tesla’s cars from model year 2017 or newer made up 1.4% of all the vehicles traded in until March 15, rising from 0.4% last year, the news agency said, adding that analysts at Edmunds think that amount could increase over the second half of the month.
In February, Tesla’s cars accounted for 1.2% of vehicle trade ins.
The report comes as the EV giant has faced a backlash from some consumers over CEO Elon Musk’s role in the Trump administration. Musk has been tasked by Trump with leading an effort to downsize the federal government through the newly-created Department of Government Efficiency, or DOGE.
So far, DOGE has moved to lay off chunks of the federal workforce and cancel government contracts, sparking demostrations across the U.S. On social media, some Tesla owners in the U.S. and European countries have posted that they will give up their cars to protest Musk’s involvement in the government.
5. Fire closes Heathrow Airport
European airline stocks are likely to be in focus after it was announced that Heathrow Airport will be closed all day Friday after a fire broke out at a nearby electrical substation that supplies it with power.
Heathrow, Europe’s busiest airport and fifth-busiest in the world, warned of "significant disruption" over the coming days, with flight tracking website Flightradar24 indicating that over 1,300 flights to and from the airport in west London could be cancelled today.
The airport, which was due to handle flights carrying up to 291,000 passengers during the day, said it would remain closed until midnight because of a significant power outage.
"Passengers are advised not to travel to the airport and should contact their airline for further information," it said.