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Nike ( NKE ) dips on bleak revenue outlook

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FedEx ( FDX ) tumbles after results, outlook

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Boeing ( BA ) jumps after fighter jet contract award

(Updates to market close)

By Chuck Mikolajczak

NEW YORK, March 21 (Reuters) -

The S&P and Dow closed nearly unchanged on Friday, well off

earlier lows after comments from U.S. President Donald Trump

provided hope that previously announced tariffs expected to

begin in early April may not be as burdensome as feared.

Trump said there will be flexibility on tariffs and that his

top trade chief plans to speak with his Chinese counterpart next

week. The president also reiterated his plan to use duties as a

way to narrow the U.S. trade deficit with China.

Markets have been under pressure in recent weeks as

changing announcements about the timing and size of tariffs have

clouded the outlook for corporate profits as well as the Federal

Reserve's monetary policy path.

Stocks have shown some signs of bottoming this week,

however, with the S&P climbing more than 1% on Wednesday in the

wake of the Fed's latest policy announcement. The central bank

kept rates unchanged and signaled two cuts were likely this

year.

Even so, Michael Arone, chief investment strategist for

the U.S. SPDR Business at State Street Global Advisors in

Boston, said it was concerning that investors' attempts to rally

the stock market this week had largely failed.

"The reasons are the continued uncertainty around trade

policy from the Trump administration, continued concerns about a

U.S. economic growth scare and ultimately uncertainty about what

the path of monetary policy looks like," Arone said.

Chicago Federal Reserve President Austan Goolsbee said

the central bank needs more time to "sort through" how Trump's

policies play out in the economy, while New York Fed President

John Williams echoed Goolsbee's comments and said there was no

rush to change monetary policy right now.

The S&P 500 gained 4.38 points, or 0.08%, to end

at 5,667.27 points, while the Nasdaq Composite

gained 92.43 points, or 0.52%, to 17,784.05. The Dow

Jones Industrial Average rose 35.98 points, or 0.09%, to

41,989.30.

The S&P was down as much as 1.06% earlier in the day.

With earnings season set to begin next month, multiple

companies have been reducing their forecasts. FedEx ( FDX )

slumped after the package delivery company cut its full-year

profit and revenue forecasts, citing continued weakness and

uncertainty in the U.S. industrial economy.

Peer UPS also declined. Delivery firms are often

seen as a bellwether for the global economy given their reach

into a wide swath of different industries.

The delivery companies weighed on the Dow Jones Transport

Index, which dropped as much as 2.7% during the session.

Nike ( NKE ) slid as the worst performer among Dow

Industrial components after the sports apparel maker projected a

sharper decline in fourth-quarter revenue than analysts had

anticipated.

The materials was weighed down by a tumble in

shares of Nucor Corp ( NUE ) after the company forecast

first-quarter profit below estimates.

Boeing ( BA ) jumped after Trump awarded the planemaker

a contract to build the U.S. Air Force's most sophisticated

fighter jet, beating out rival Lockheed Martin ( LMT ), which

slumped.

Friday's session also marked the simultaneous expiry of

quarterly derivatives contracts tied to stocks, index options

and futures, also known as "triple witching", which can

exacerbate market volatility.