Stock futures fall as S&P 500 tries to notch its best week since November 2020

Stock futures fell Friday following a three-day rally for the S&P 500 that put the equity benchmark on pace for its biggest weekly gain in more than a year.

Futures on the Dow Jones Industrial Average fell 174 points. S&P 500 futures were down 0.6% along with Nasdaq 100 futures.

Shares of FedEx fell more than 3% in premarket trading after the U.S. delivery firm posted a lower-than-expected quarterly profit amid labor shortages, while the pandemic also hurt its holiday revenue growth.

GameStop saw its shares dropping about 7% in extended trading after the video game retailer reported an unexpected loss during the holiday quarter. The company said it will launch a new marketplace for non-fungible tokens, or NFTs, by the end of April.

Friday’s moves come as traders digest the latest developments in the Ukraine-Russia war.

Several missiles hit an aircraft repair center on the outskirts Lviv in western Ukraine. Meanwhile, President Joe Biden is slated to speak with Chinese President Xi Jinping to discuss the conflict. A Ukrainian official also said one person was killed in an airstrike that hit Kyiv. (Click here for live updates.)

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Stocks have enjoyed a relief rally this week as the Federal Reserve’s decision to tighten policy largely met investor expectations. The S&P 500 has gained for three consecutive days this week, up 4.9%, on track for its best week since November 2020.

The blue-chip Dow is coming off a four-day winning streak, rising 4.7% for the week so far, and is also on pace for its biggest weekly gain since November 2020. The tech-heavy Nasdaq Composite is up 6% this week, headed for its best week since February 2021.

Earlier this week, the central bank hiked its benchmark interest rate for the first time since 2018 and signaled six more hikes this year.

“Fortunately, investor expectations for inflation over the next five years was brought down quite a bit, which, if sustained, will continue [to] be helpful for the Fed and the markets despite somewhat higher interest rates,” said John Vail, chief global strategist at Nikko Asset Management.