Wall Street coasts to the finish of another record-setting week

NEW YORK (AP) — Wall Street is coasting toward the finish of its latest record-setting week. The S&P 500 rose 0.3% Friday and was on track for its ninth winning week in the last 10. The Dow Jones Industrial Average added 102 points, and the Nasdaq composite climbed 0.4%. All three hit all-time highs the day before, as did the small stocks in the Russell 2000 index, which finally surpassed its last record set in 2021. FedEx helped lead the market after delivering a stronger profit than analysts expected. Japanese stocks fell after the Bank of Japan said it would reduce its trove of Japanese stock funds.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street nudged higher in early trading Friday as markets try to close out another record-setting week with gains.

Futures for the S&P 500 and Nasdaq each rose 0.1% before the bell, while futures for the Dow Jones Industrial Average were flat.

FedEx initially jumped more than 5% after it posted better first-quarter profit and revenue than Wall Street forecast, but then lost most of those of gains.

The package delivery company's results, which has been dealing with declining revenue since the pandemic boom of 2021 and 2022, said it expects 4% to 6% revenue growth for the current fiscal year.

However, executives said the company expects to take a $1 billion hit to its full-year operating margin due to the “global trade environment,” or tariffs.

Among the decliners in premarket trading was the homebuilder Lennar, which fell 2.5% after its third-quarter revenue declined from a year ago. Lennar's revenue also missed Wall Street expectations as the housing market remains in a yearslong slump.

Wall Street's string of records continued Thursday as Nvidia and Intel led a rally for technology stocks on the announcement of their deal that includes a $5 billion investment.

Expectations are high on Wall Street that the Federal Reserve will keep cutting interest rates as it did on Wednesday, though an unexpected pause in cuts could send stocks tumbling. Critics say stock prices are already overpriced, in part because of heavy bets on continued cuts in rates.

At midday in Europe Germany's DAX fell 0.2%, the CAC 40 in Paris added 0.2%. Britain's FTSE 100 was unchanged.

Japan's Nikkei 225 switched from gains to losses, closing nearly 0.6% lower to 45,045.81, after the BOJ decided to keep its benchmark short-term interest rate unchanged at 0.5% and announced plans to start selling its exchange-traded fund holdings and real-estate investment trusts. Data released Friday also showed the country's annual inflation in August slowed to a 10-month low at 2.7%, from 3.1% the previous month.