U.S. stocks are hovering around the records they set the day before during a worldwide rally. The S&P 500 slipped 0.2% in afternoon trading Friday but is still on track

FedEx dragged on the market with a drop of 14.9% 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.

FedEx stock is plunging Friday after the logistics giant came up short of earnings expectations and revised its full-year outlook. Here's what you need to know.