U.S. stocks open lower Friday after FedEx profit warning, on track for weekly losses

U.S. stocks opened lower after a FedEx profit warning and as investors worry about rising interest rates in the wake of inflation running hotter than expected in August. The Dow Jones Industrial Average DJIA, -0.58% fell 1.1% soon after the opening bell, while the S&P 500 SPX, -0.79% dropped 1% and the Nasdaq Composite COMP, -1.06% slid 1.3%, according to FactSet data, at last check. The S&P 500 and Nasdaq were each heading for a weekly decline of more than 5%, while the Dow was down almost 5% so far this week. A reading on consumer sentiment from the University of Michigan is due out at 10 a.m. Eastern time, along with consumers’ five-year inflation expectations. Investors are anticipating another large rate hike from the Federal Reserve at its policy meeting next week in an effort to curb high inflation.