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Stock gains, FedEx earnings, Nike and Lululemon: 3 Things

Stocks (^DJI, ^IXIC, ^GSPC) are poised to see weekly gains after all three market indices closed at record highs the past two days.

FedEx (FDX) shares move higher ahead of Friday's market open after reporting a third-quarter profit beat and a $5 billion share buyback program in its latest earnings results.

Shares of athletic apparel brands Nike (NKE) and Lululemon (LULU) are moving lower in pre-market trading.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

SEANA SMITH: Let's get right to it with the three things that you need to know, your roadmap for the trading day. Yahoo Finance's Josh Lipton, Akiko Fujita, and Rachelle Akuffo have more.

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JOSH LIPTON: Futures are in the red this morning after major averages saw two record-setting days. This was the fourth straight winning session for the three indexes as market optimism continues to stem from the FOMC's expectation of three rate cuts later this year. Markets are still on course to end the week with strong gains.

AKIKO FUJITA: Shares of FedEx are surging this morning despite missing the Street's revenue expectations. FedEx beat on adjusted EPS in its latest quarter. Bright spots in the shipping company's results also include improving margins in its express business, narrowing its full year outlook and looking to extend its multi-year contract agreement with UPS.

RACHELLE AKUFFO: And athletic apparel retailers are feeling the pressure this morning. We're looking at shares of Nike and Lululemon sinking on their quarterly results. Nike shares falling about 6% as China sales continue to slow during its busy holiday quarter. Meanwhile, Lululemon sinking after posting weaker guidance and slowing growth in North America.