The three major stock indexes of the US opened lower, with the Dow down 0.20%, the Nasdaq down 0.12%, and the S&P 500 index down 0.21%. Rivian rose more than 36%, announcing a joint venture with Volkswagen to develop the "next generation" of electric autos and software. FedEx rose more than 12%, with better-than-expected profit guidance for the 2025 fiscal year. Southwest Airlines in the USA fell nearly 3%, with the company predicting a year-on-year decline of 4.0% to 4.5% in revenue per available seat mile (RASM) for the second quarter.