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,
-0.64%
fell 1.1% soon after the opening bell, while the S&P 500
SPX,
-0.89%
dropped 1% and the Nasdaq Composite
COMP,
-1.26%
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.