FedEx stock tumbled after the company reported disappointing earnings and turned in weak quarterly results Thursday and suffered a bevy of price target cuts and downgrades from Wall Street as a result.

U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note.

Read a roundup of this week's major events, including the Federal Reserve's bumper 50 basis point rate cut and the S&P 500's (SP500) historic milestone.