After-Hours Stock Movers:

FedEx (NYSE:FDX) rose 10% after announcing a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. It reported second-quarter earnings in line with consensus.

Nike (NYSE:NKE) rose 9% after exceeding quarterly estimates, with revenues of $12.4 billion, down 8% year-over-year on a reported basis, and down 9% on a currency-neutral basis.

• Foot Locker (NYSE:FL) shares also traded higher in sympathy with Nike.

U.S. Steel (X) fell 5% after slashing fourth-quarter guidance, expecting adjusted net earnings per diluted share of ($0.29) to ($0.25), lower than the consensus of $0.24. The fourth quarter 2024 adjusted EBITDA is projected to be approximately $150 million versus a consensus of $261.7 million.