Wall Street pointed lower Friday as a rally driven by the Federal Reserve’s big cut to interest rates faded and markets' focus turned to earnings and other corporate news. Futures for the S&P 500 shed 0.

FedEx dragged on the market with a drop of 13.5% 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.

Wall Street is holding near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates. The S&P 500 was