07:36 AM EDT, 09/20/2024 (MT Newswires) -- US equity markets were pointing lower before Friday's open, reversing gains from the previous session when the Dow Jones Industrial Average and the S&P 500 closed at all-time highs amid the Federal Reserve's 50-basis-point reduction in interest rates.

Standard & Poor's 500 declined 0.2% and the Nasdaq decreased 0.4% in premarket activity, while the Dow Jones Industrial Average was slightly in the red. Asian exchanges were tracking in the green, while European bourses were heading south midday on the continent.

Nike ( NKE ) shares advanced 6.5% pre-bell as the sportswear company appointed former company veteran Elliott Hill as its new chief executive. Parcel delivery giant FedEx ( FDX ) tumbled 14% as its fiscal first-quarter results declined unexpectedly amid weak demand trends.

Lennar's ( LEN ) stock dropped 3.3% before the bell despite the homebuilder recording better-than-expected fiscal third-quarter results. Trump Media & Technology Group ( DJT ) fell 3.4%.

On Friday's thin economic calendar, the weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET. Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 2 pm.

Before the open, bitcoin edged up 0.3% to $63,557, West Texas Intermediate crude oil declined 0.7% to $71.47 per barrel, yields on 10-year Treasuries retreated 1.2 basis points to 3.73% and gold moved 0.8% higher to $2,635 an ounce.