Wall Street stocks opened mostly lower Wednesday, shrugging off strong results from FedEx as markets await key economic data later in the week.

Shipping giant FedEx surged 12 percent after reporting earnings that topped estimates following job cuts and other measures to cull expenses.

But analysts pointed to investor caution over lofty equity valuations following the gains in the first half of 2024.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 38,952.55.

The broad-based S&P 500 dipped 0.1 percent to 5,461.45, while the tech-rich Nasdaq Composite Index added 0.1 percent at 17,740.21.

Among individual companies, Rivian Automotive soared more than 31 percent after announcing that Volkswagen would invest up to $5 billion in the electric vehicle maker, establishing a joint venture.

Whirlpool jumped about 15 percent following a Reuters report that German engineering company Robert Bosch is weighing a takeover bid.

Economic releases in the coming days include a third estimate for first-quarter gross domestic product and PCE prices, a closely-watched barometer of inflation.