PHOTO COLLECTION: Tropical Weather Debby

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PHOTO COLLECTION: Tropical Weather Debby

2024-08-10 07:38 Last Updated At：07:40

This is a collection of photos chosen by AP photo editors.

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A drain pulls in residual rain water floods the downtown area caused by Tropical Storm Debby, Thursday, Aug. 8, 2024, in Bladenboro, NC. (AP Photo/John Minchillo)

This is a collection of photos chosen by AP photo editors.

Ann Farkas walks in her flood-damaged home in Canisteo, N.Y., Friday, Aug. 9, 2024, after remnants of Tropical Storm Debby swept tough the area, creating flash flood conditions in some areas. (AP Photo/Craig Ruttle)

Randy Sikes, left, brooms water out of Diamond Dave's Grill as residual rain water flooding the downtown area due to Tropical Storm Debby begins to recede, Thursday, Aug. 8, 2024, in Bladenboro, NC. (AP Photo/John Minchillo)

A resident measures the depth of the flooded street with storm water from Tropical Storm Debby, Wednesday, Aug. 7, 2024 Pooler, Ga. (AP Photo/Stephen B. Morton)

Bullfrog Creek, a tributary of the Alafie River, left some creekside homes inundated with floodwaters following Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

Savannah Fire Advanced Firefighters Andrew Stevenson, front, and Ron Strauss carry food to residents in the Tremont Park neighborhood that where stranded in flooding from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

Brantley Schnabel helps his family carry sandbags to their van while preparing for Hurricane Debby at a county park, Monday, Aug. 5, 2024, in Savannah, Ga. Debby reached the Big Bend coast of Florida early Monday, bringing with it the potential for catastrophic flooding and life-threatening storm surge. (AP Photo/Stephen B. Morton)

Tybee Island Department of Public Works employee Bruce Saunders uses a backhoe to pile sand as a barriers against storm surge from Tropical Storm Debby at a beach access point, Monday, Aug. 5, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

This satellite image provided by NOAA shows Tropical Storm Debby as it moves through the Gulf of Mexico toward Florida on Sunday, Aug. 4, 2024. (NOAA via AP)

A surfer comes out of the water after riding the high waves created by Tropical Storm Debby near the Tybee pier, Tuesday, Aug. 6, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

Kim Paul, 60, and her dog, Diesel, in front of their Shore Acres residence, as floodwaters reaches nearly halfway up her driveway, Monday morning, Aug 5, 2024, as Hurricane Debby passed the Tampa Bay area offshore. (Dylan Townsend/Tampa Bay Times via AP)

Flooding is seen near homes as The Don CeSar looms in the background Monday morning, Aug. 5, 2024 in St. Pete Beach, Fla., as Hurricane Debby passes the Tampa Bay area offshore. (Max Chesnes/Tampa Bay Times via AP)

Guests at the Magic Kingdom at Walt Disney World brave wind and rain as bands of weather from Hurricane Debby pass through Central Florida, Monday, Aug. 5, 2024, in Bay Lake, Fla. (Joe Burbank/Orlando Sentinel via AP)

Hershey Stepherson, left, and Bryan Burc, right, use a five gallon bucket to fill a sandbag while preparing for Hurricane Debby, Monday, Aug. 5, 2024, in Savannah, Ga. Debby reached the Big Bend coast of Florida early Monday, bringing with it the potential for catastrophic flooding and life-threatening storm surge. (AP Photo/Stephen B. Morton)

Debris covers the ground in Moncks Corner, S.C., from a possible tornado as Tropical Storm Debby settles over this region of South Carolina, Tuesday, Aug. 6, 2024 (Megan Fernandes/The Post And Courier via AP)

People wade into the flood waters overcoming Gordon Street as rain continues to fall from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Charleston, S.C. (Henry Taylor/The Post And Courier via AP)

Trip Hamilton, from Charleston, S.C., canoes down Ashley Ave in Charleston as Tropical Storm Debby approaches, Tuesday, Aug. 6, 2024. (AP Photo/Mic Smith)

A neighborhood a half-mile from the Alafia River is inundated with waist-high water after rainfall from Tropical Storm Debby swelled the river, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

PHOTO COLLECTION: Tropical Weather Debby

People attach a towline to a stranded vehicle on a flooded street after heavy rain from Tropical Storm Debby, Monday, Aug. 5, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

More Images

This is a collection of photos chosen by AP photo editors.

Ann Farkas walks in her flood-damaged home in Canisteo, N.Y., Friday, Aug. 9, 2024, after remnants of Tropical Storm Debby swept tough the area, creating flash flood conditions in some areas. (AP Photo/Craig Ruttle)

Randy Sikes, left, brooms water out of Diamond Dave's Grill as residual rain water flooding the downtown area due to Tropical Storm Debby begins to recede, Thursday, Aug. 8, 2024, in Bladenboro, NC. (AP Photo/John Minchillo)

A resident measures the depth of the flooded street with storm water from Tropical Storm Debby, Wednesday, Aug. 7, 2024 Pooler, Ga. (AP Photo/Stephen B. Morton)

Bullfrog Creek, a tributary of the Alafie River, left some creekside homes inundated with floodwaters following Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

Savannah Fire Advanced Firefighters Andrew Stevenson, front, and Ron Strauss carry food to residents in the Tremont Park neighborhood that where stranded in flooding from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

Brantley Schnabel helps his family carry sandbags to their van while preparing for Hurricane Debby at a county park, Monday, Aug. 5, 2024, in Savannah, Ga. Debby reached the Big Bend coast of Florida early Monday, bringing with it the potential for catastrophic flooding and life-threatening storm surge. (AP Photo/Stephen B. Morton)

Tybee Island Department of Public Works employee Bruce Saunders uses a backhoe to pile sand as a barriers against storm surge from Tropical Storm Debby at a beach access point, Monday, Aug. 5, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

This satellite image provided by NOAA shows Tropical Storm Debby as it moves through the Gulf of Mexico toward Florida on Sunday, Aug. 4, 2024. (NOAA via AP)

A surfer comes out of the water after riding the high waves created by Tropical Storm Debby near the Tybee pier, Tuesday, Aug. 6, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

Kim Paul, 60, and her dog, Diesel, in front of their Shore Acres residence, as floodwaters reaches nearly halfway up her driveway, Monday morning, Aug 5, 2024, as Hurricane Debby passed the Tampa Bay area offshore. (Dylan Townsend/Tampa Bay Times via AP)

Flooding is seen near homes as The Don CeSar looms in the background Monday morning, Aug. 5, 2024 in St. Pete Beach, Fla., as Hurricane Debby passes the Tampa Bay area offshore. (Max Chesnes/Tampa Bay Times via AP)

Guests at the Magic Kingdom at Walt Disney World brave wind and rain as bands of weather from Hurricane Debby pass through Central Florida, Monday, Aug. 5, 2024, in Bay Lake, Fla. (Joe Burbank/Orlando Sentinel via AP)

Hershey Stepherson, left, and Bryan Burc, right, use a five gallon bucket to fill a sandbag while preparing for Hurricane Debby, Monday, Aug. 5, 2024, in Savannah, Ga. Debby reached the Big Bend coast of Florida early Monday, bringing with it the potential for catastrophic flooding and life-threatening storm surge. (AP Photo/Stephen B. Morton)

Debris covers the ground in Moncks Corner, S.C., from a possible tornado as Tropical Storm Debby settles over this region of South Carolina, Tuesday, Aug. 6, 2024 (Megan Fernandes/The Post And Courier via AP)

People wade into the flood waters overcoming Gordon Street as rain continues to fall from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Charleston, S.C. (Henry Taylor/The Post And Courier via AP)

Trip Hamilton, from Charleston, S.C., canoes down Ashley Ave in Charleston as Tropical Storm Debby approaches, Tuesday, Aug. 6, 2024. (AP Photo/Mic Smith)

A neighborhood a half-mile from the Alafia River is inundated with waist-high water after rainfall from Tropical Storm Debby swelled the river, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

PHOTO COLLECTION: Tropical Weather Debby

People attach a towline to a stranded vehicle on a flooded street after heavy rain from Tropical Storm Debby, Monday, Aug. 5, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

Stock market today: Wall Street edges back from its records as FedEx slumps

2024-09-20 22:44 Last Updated At：22:50

NEW YORK (AP) — Wall Street is quieter on Friday, and U.S. stocks are edging back from the records they set the day before during a worldwide rally.

The S&P 500 was 0.3% lower in morning trading but still on track for its fifth winning week in the last six. The Dow Jones Industrial Average was down 71 points, or 0.2%, after it likewise set an all-time high the day before. The Nasdaq composite was 0.3% lower, as of 10:30 a.m. Eastern time.

FedEx dragged on the market with a drop of 14.8% after its profit and revenue for the latest quarter fell short of analysts’ expectations. It said U.S. customers sent fewer packages through priority services, while it had to contend with higher wages for workers and other costs. FedEx also cut its forecast for revenue growth for its fiscal year.

Helping to limit the market's losses was Nike, which ran 5.4% higher after it named Elliott Hill as its chief executive. Hill, 60, had spent more than three decades at Nike in various leadership positions before retiring in 2020. He replaces the retiring John Donahoe.

Shares in Trump Media and Technology Group slumped another 6.8% as its biggest shareholder, former President Donald Trump, won the freedom to sell his shares if he wants.

Trump owns more than half of the nearly $3 billion company behind the Truth Social platform. But Trump and other insiders in the company had been unable to cash in because a “lock-up agreement” prevented them from selling any of their shares. Before the lockup expired, Trump said he was in no rush to sell.

TMTG stock has dropped below $14 from more than $60 in March, and its decline Friday was in line with its volatile history. Over the last six months, it’s often swung by at least 5% in a day, up or down.

Homebuilder Lennar fell 4.6% after delivering a mixed earnings report. Its profit for the latest quarter topped expectations. But it also said it made less in profit on each $100 of home sales, and it expects that margin to stay flat in the current quarter.

Conditions may be set to improve for homebuilders, though. The Federal Reserve earlier this week cut its main interest rate for the first time in more than four years, with more likely to come. That could make mortgages more affordable for home buyers.

The momentous move closed the door on a run where the Fed kept its main interest rate at a two-decade high in hopes of slowing the U.S. economy enough to stamp out high inflation. Now that inflation has fallen from its peak two summers ago, Chair Jerome Powell said the Fed can focus more on keeping the job market solid and the economy out of a recession.

The Fed is still under pressure because hiring has begun to slow under the weight of higher interest rates. Some critics say the central bank waited too long to cut rates and may have damaged the economy.

Critics also say the U.S. stock market may be running too hot on hopes that the Federal Reserve will be able to pull off what earlier seemed nearly impossible: getting inflation down to 2% without creating a recession.

Barry Bannister, chief equity strategist at Stifel, is still calling for a sharp drop for the S&P 500 by the end of the year. He points to how much faster stock prices have climbed than profits at companies. When stocks have looked this expensive on such measures in the past, he said a recession and sharp downturn for stocks has followed.

He also warned in a report that slowing hiring “is now symbolic of recession risk.”

No economic releases are on the calendar for Friday to show where the economy may be heading. Next week will have preliminary reports on U.S. business activity, the final revision for how quickly the economy grew during the summer and the latest update on spending by U.S. consumers.

In the bond market, the yield on the 10-year Treasury rose to 3.75% from 3.72% late Thursday.

In stock markets abroad, indexes dropped across much of Europe after rising in Asia. Tokyo’s Nikkei 225 rose 1.5% after the Bank of Japan left interest rates steady, as was expected.

In China, the central bank left key lending rates unchanged on Friday. Indexes rose by 1.4% in Hong Kong and less than 0.1% in Shanghai.

AP Writers Matt Ott and Zimo Zhong contributed.

PHOTO COLLECTION: Tropical Weather Debby

PHOTO COLLECTION: Tropical Weather Debby

This is a collection of photos chosen by AP photo editors.

Ann Farkas walks in her flood-damaged home in Canisteo, N.Y., Friday, Aug. 9, 2024, after remnants of Tropical Storm Debby swept tough the area, creating flash flood conditions in some areas. (AP Photo/Craig Ruttle)

Randy Sikes, left, brooms water out of Diamond Dave's Grill as residual rain water flooding the downtown area due to Tropical Storm Debby begins to recede, Thursday, Aug. 8, 2024, in Bladenboro, NC. (AP Photo/John Minchillo)

A resident measures the depth of the flooded street with storm water from Tropical Storm Debby, Wednesday, Aug. 7, 2024 Pooler, Ga. (AP Photo/Stephen B. Morton)

Bullfrog Creek, a tributary of the Alafie River, left some creekside homes inundated with floodwaters following Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

Savannah Fire Advanced Firefighters Andrew Stevenson, front, and Ron Strauss carry food to residents in the Tremont Park neighborhood that where stranded in flooding from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

Tybee Island Department of Public Works employee Bruce Saunders uses a backhoe to pile sand as a barriers against storm surge from Tropical Storm Debby at a beach access point, Monday, Aug. 5, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

This satellite image provided by NOAA shows Tropical Storm Debby as it moves through the Gulf of Mexico toward Florida on Sunday, Aug. 4, 2024. (NOAA via AP)

A surfer comes out of the water after riding the high waves created by Tropical Storm Debby near the Tybee pier, Tuesday, Aug. 6, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

Kim Paul, 60, and her dog, Diesel, in front of their Shore Acres residence, as floodwaters reaches nearly halfway up her driveway, Monday morning, Aug 5, 2024, as Hurricane Debby passed the Tampa Bay area offshore. (Dylan Townsend/Tampa Bay Times via AP)

Flooding is seen near homes as The Don CeSar looms in the background Monday morning, Aug. 5, 2024 in St. Pete Beach, Fla., as Hurricane Debby passes the Tampa Bay area offshore. (Max Chesnes/Tampa Bay Times via AP)

Guests at the Magic Kingdom at Walt Disney World brave wind and rain as bands of weather from Hurricane Debby pass through Central Florida, Monday, Aug. 5, 2024, in Bay Lake, Fla. (Joe Burbank/Orlando Sentinel via AP)

Debris covers the ground in Moncks Corner, S.C., from a possible tornado as Tropical Storm Debby settles over this region of South Carolina, Tuesday, Aug. 6, 2024 (Megan Fernandes/The Post And Courier via AP)

People wade into the flood waters overcoming Gordon Street as rain continues to fall from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Charleston, S.C. (Henry Taylor/The Post And Courier via AP)

Trip Hamilton, from Charleston, S.C., canoes down Ashley Ave in Charleston as Tropical Storm Debby approaches, Tuesday, Aug. 6, 2024. (AP Photo/Mic Smith)

A neighborhood a half-mile from the Alafia River is inundated with waist-high water after rainfall from Tropical Storm Debby swelled the river, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

PHOTO COLLECTION: Tropical Weather Debby

PHOTO COLLECTION: Tropical Weather Debby

People attach a towline to a stranded vehicle on a flooded street after heavy rain from Tropical Storm Debby, Monday, Aug. 5, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

This is a collection of photos chosen by AP photo editors.

Ann Farkas walks in her flood-damaged home in Canisteo, N.Y., Friday, Aug. 9, 2024, after remnants of Tropical Storm Debby swept tough the area, creating flash flood conditions in some areas. (AP Photo/Craig Ruttle)

Randy Sikes, left, brooms water out of Diamond Dave's Grill as residual rain water flooding the downtown area due to Tropical Storm Debby begins to recede, Thursday, Aug. 8, 2024, in Bladenboro, NC. (AP Photo/John Minchillo)

A resident measures the depth of the flooded street with storm water from Tropical Storm Debby, Wednesday, Aug. 7, 2024 Pooler, Ga. (AP Photo/Stephen B. Morton)

Bullfrog Creek, a tributary of the Alafie River, left some creekside homes inundated with floodwaters following Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

Savannah Fire Advanced Firefighters Andrew Stevenson, front, and Ron Strauss carry food to residents in the Tremont Park neighborhood that where stranded in flooding from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

Tybee Island Department of Public Works employee Bruce Saunders uses a backhoe to pile sand as a barriers against storm surge from Tropical Storm Debby at a beach access point, Monday, Aug. 5, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

This satellite image provided by NOAA shows Tropical Storm Debby as it moves through the Gulf of Mexico toward Florida on Sunday, Aug. 4, 2024. (NOAA via AP)

A surfer comes out of the water after riding the high waves created by Tropical Storm Debby near the Tybee pier, Tuesday, Aug. 6, 2024, in Tybee Island, Ga. (AP Photo/Stephen B. Morton)

Kim Paul, 60, and her dog, Diesel, in front of their Shore Acres residence, as floodwaters reaches nearly halfway up her driveway, Monday morning, Aug 5, 2024, as Hurricane Debby passed the Tampa Bay area offshore. (Dylan Townsend/Tampa Bay Times via AP)

Flooding is seen near homes as The Don CeSar looms in the background Monday morning, Aug. 5, 2024 in St. Pete Beach, Fla., as Hurricane Debby passes the Tampa Bay area offshore. (Max Chesnes/Tampa Bay Times via AP)

Guests at the Magic Kingdom at Walt Disney World brave wind and rain as bands of weather from Hurricane Debby pass through Central Florida, Monday, Aug. 5, 2024, in Bay Lake, Fla. (Joe Burbank/Orlando Sentinel via AP)

Debris covers the ground in Moncks Corner, S.C., from a possible tornado as Tropical Storm Debby settles over this region of South Carolina, Tuesday, Aug. 6, 2024 (Megan Fernandes/The Post And Courier via AP)

People wade into the flood waters overcoming Gordon Street as rain continues to fall from Tropical Storm Debby, Tuesday, Aug. 6, 2024, in Charleston, S.C. (Henry Taylor/The Post And Courier via AP)

Trip Hamilton, from Charleston, S.C., canoes down Ashley Ave in Charleston as Tropical Storm Debby approaches, Tuesday, Aug. 6, 2024. (AP Photo/Mic Smith)

A neighborhood a half-mile from the Alafia River is inundated with waist-high water after rainfall from Tropical Storm Debby swelled the river, Tuesday, Aug. 6, 2024, in Alafia, Fla. (Max Chesnes/Tampa Bay Times via AP)

PHOTO COLLECTION: Tropical Weather Debby

PHOTO COLLECTION: Tropical Weather Debby

People attach a towline to a stranded vehicle on a flooded street after heavy rain from Tropical Storm Debby, Monday, Aug. 5, 2024, in Savannah, Ga. (AP Photo/Stephen B. Morton)

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