Axios

FedEx shares took a nosedive today after the package company reported a weaker-than-expected quarter.

Zoom in: Executives blamed much of its woes on soft industrial production, which took a toll on the company's business-to-business service.

• CEO Raj Subramaniam said customers are trading down, which in FedEx language means they're forgoing faster delivery for cheaper, and slower, service.

Zoom out: FedEx's comments reinforce some of what we already know — that U.S. manufacturing's been in a funk (data has shown a contraction for the past five months).

For the first time ever on Sunday night, an NFL matchup will feature teams led by two female presidents, CNBC reports.

Zoom in: Las Vegas Raiders president Sandra Douglass Morgan and Carolina Panthers president Kristi Coleman will face off in Nevada for the home opener in Allegiant Stadium.

• Among the 32 teams in the league, they are the only two female presidents.

Zoom out: The NFL has been making a push to grow gender diversity on and off the field.

• In 2023, the number of women employees in the league's office reached 42.5%, an all-time high, and 22 women now have full-time coaching positions — up 187% over the past five years.

Secret Service personnel will face disciplinary action over their failure to secure the Butler, Pennsylvania, rally site where a would-be assassin opened fire on former President Trump, Acting Director Ronald Rowe said during a Friday news briefing.

Why it matters: The Secret Service has been under bipartisan scrutiny after two apparent attempts on Trump's life this election.

First the big banks asked why tougher regulations proposed by the Federal Reserve and other agencies were so onerous. Now their key question is why banks need to face stricter rules at all.

Why it matters: An in-the-weeds proposal from a trio of financial regulators is being significantly pared back after unprecedented backlash. It was unclear whether Wall Street would take that as a win, but the fight looks like it will continue.

Former President Trump is now free to sell shares in the parent company of Truth Social, as a stock lockup provision expired after Thursday's market close, although last week he pledged that he wouldn't.

Catch up quick: Trump and some other insiders had been prohibited from selling for six months after Truth Social's parent company went public via a blank-check company.

OpenAI is expected raise around $6.5 billion at a $150 billion pre-money valuation, while also turning down billions of oversubscribed dollars, as first reported by Bloomberg.

Why it matters: This would be the largest venture capital round of all time, topping the $6 billion raised earlier this year by Elon Musk's xAI.

About 13% of U.S. homeowners with a mortgage were paying at least $3,000 a year for home insurance as of 2023, according to new census data.

Why it matters: Home insurance costs are up considerably over the last few years — even to the point of quietly driving up inflation.

Nike said Thursday that its president and CEO John Donahoe is retiring and will be replaced by a former senior executive, Elliott Hill.

Why it matters: The sportswear giant warned in June of flagging sales and Axios' Hope King noted then that Nike's innovation and distribution strategies had struggled to win budget-conscious consumers or beat back growing competition.

Apple just received a very clear message that it still has a lot to do if it hopes to comply with Europe's new digital antitrust rules.

Why it matters: The tech giant, which has built its entire business around its own closed-world ecosystem, will now have to decide exactly how far it's willing to change in order to operate in Europe.

It's not so easy to register a blockchain business with the SEC, at least not according to consumer investment company Robinhood.

Why it matters: A consistent narrative from the U.S. regulator is that companies in the cryptocurrency industry are simply refusing to follow securities law by registering their businesses with the agency.

Former Fox News host Tucker Carlson is launching a new nicotine-pouch brand — one aimed specifically for... conservatives?

Between the lines: Carlson's plan, which he outlined to the Wall Street Journal, stems from a spat with the makers of his former favorite nicotine pouch, Zyn.

• Zyn, Carlson said, was a "ladies brand," controlled by "left-wing drones.'"

The other side: A spokesperson for Philip Morris, which controls Zyn, assured the WSJ that its users consist of both Democrats and Republicans, and that it "has bipartisan support in Washington."

What we're watching: Carlson's partner in the venture, which they call Alp, reportedly declined to say whether the brand had sought clearance from the FDA.

President Biden said on Thursday that the Federal Reserve's interest rate cut signals the nation had entered a "new phase" during a speech that touted his economic record.

Why it matters: Biden, who rarely speaks publicly about Fed policy decisions, pointed to lower rates as proof that the inflation burst that tarnished his economic legacy is all but over.

The U.S. Secret Service has launched a probe into a since-deleted post from Elon Musk over the lack of assassination attempts against President Biden and Vice President Kamala Harris, Bloomberg News reported Thursday.

The big picture: The agency told Bloomberg it was withholding records related to Musk's post because they could "interfere with enforcement proceedings" when the news outlet filed a Freedom of Information Act request for documents.

Last night in D.C., crypto's get-out-the-vote effort, Stand With Crypto, wrapped its five-state tour at the Black Cat.

Why it matters: The campaign created enough buzz with its events to generate contact with tens of thousands of voters through its website, where voters can check their registration, register and look up how crypto-friendly various politicians have been.

• "We're taking the voices we've been hearing in the swing states (Arizona, Nevada, Michigan, Wisconsin and Pennsylvania) and bringing it to D.C.," Stand With Crypto executive director Logan Dobson tells Axios.

In the room: It was a full place. There was a long line to get in, a long line for the buffet of what looked like fried chicken and other offerings, a bag of Stand With Crypto swag (one attendee showed us his camo hat) and drinks.

The Federal Reserve's half-point interest rate cut Wednesday was a monetary policy mulligan, an extra golf swing when the first one didn't go quite the way the swinger intended.

The big picture: Chair Jerome Powell and his colleagues elected not to begin a rate-cutting cycle at their last meeting back in July. Since then, job market data has come in a notch weaker than they expected. Wednesday's move aimed to make up for lost time.

Chinese President Xi Jinping talks a good game about balancing private and state-owned enterprise, but the scoreboard is telling a different story.

The big picture: Venture capital investment in Chinese startups has collapsed, as first detailed last week by the Financial Times.

At 2:01 pm Wednesday, right after the announcement that the Fed had cut rates by half a point, the S&P 500 hit an all-time high of 5,678. For the next two hours, it oscillated dramatically, to close modestly lower on the day.

Why it matters: The Fed's decision, complete with a rare official dissent from a board member, turns out to have provided less clarity than some might have hoped.

Here's what's new on Hulu, Max, Netflix, Disney+, Peacock, Paramount+ and Prime Video.

What we're watching: A documentary about the highs and lows of child stardom, a limited series about one of Batman's greatest adversaries and a new chapter in the "Monster" anthology universe.

When it comes to the economy, Kamala Harris appears to have closed the "trust gap."

Why it matters: In polling throughout this election cycle, President Biden had been losing on the issue, with voters consistently saying they preferred Donald Trump on the economy.

October's around the corner — and that means the playoff season in retail is about to start, with Black Friday being the Super Bowl event.

Why it matters: The final three months of the year are the most important for retailers. They compete feverishly for not only consumer wallets, but also workers.