The Dow Jones Industrial Average (DIA  ) fell about 200 points in afternoon trade on Friday as the market average climbed towards 40,000 for the first time ever on increased investor optimism following the Federal Reserve's latest policy decision. The S&P 500 Index (SPY  ) traded around a flatline and the Nasdaq Composite (QQQ  ) rose over 0.2% as the session nears its close.

On the Earnings Front: Nike (NKE  ) reported positive holiday-quarter sales late Thursday, beating estimates on both the top and bottom line, but sales in China continued to wane which pressured outlooks for the athletic apparel retailer. For its full-year 2024 outlook, Nike maintained its sales forecast and expects revenue to grow by 1%, which is in-line with estimates. For its current fiscal fourth quarter, the company expects revenue to tick slightly higher.

For fiscal 2025, Nike expects revenue and earnings to show year-over-year growth, with analysts expecting revenue to increase by as much as 5.6%, according to LSEG.

FedEx (FDX  ) shares rose on Friday after the package shipping giant beat expectations in its holiday-quarter, thanks in-part to its ongoing cost-cutting efforts to boost its bottom line. Still, FedEx narrowed its full year guidance for adjusted earnings per share to a new range of $17.25 to $18.25 from its previous range of $17 to $18.50.

"FedEx delivered another quarter of improved profitability in what remains a difficult demand environment, reflecting outstanding service and continued benefits from DRIVE," CEO Raj Subramaniam said in a statement, referring to the company's previously announced program to cut $4 billion in costs by 2025.

Lululemon Athletica (LULU  ) shares dropped lower on Friday after the retailer said its sales were softening in the United States -- its largest market -- and issued disappointing forward guidance despite posting strong holiday-quarter earnings.

"As you've heard from others in our industry, there has been a shift in the U.S. consumer behavior of late and we're navigating what has been a slower start to the year in this market," CEO Calvin McDonald said on a call with analysts post-earnings on Thursday. "We view this as an opportunity to keep playing offense as we lean into investments that will continue our growth trajectory. Outside of the U.S., our business remains strong."

For its current quarter, Lululemon expects net revenue between $2.18 billion and $2.20 billion, representing growth of 9% to 10%, alongside diluted earnings per share between $2.35 and $2.40 -- both below expectations. For its full year, the company expects sales in the range of $10. billion and $10.8 billion on diluted earnings per share between $14 and $14.20 -- both also below analyst estimates.

In Single-Stock News: Alphabet (GOOG  ) (GOOGL  ) shares rose on Friday after Wedbush analyst Scott Devitt added the tech giant to the firm's 'Best Ideas List' on strong confidence on its AI developments.

"We believe the perceived structural risks to Google Search are overstated and continue to view Alphabet as a net beneficiary of generative AI," Devitt wrote in a note, also maintaining the firm's Outperform rating on the stock and raised its price target to $175, implying a nearly 19% upside.