Factory ammo, 40. Fiocchi Fmj, Brand new M&P so its clean, everything original, out of box
Does this mean that the shipping preservative grease was removed and the gun lubed in accordance to the owner's manual? The preservative is tacky enough by itself. Add carbon and powder fouling and it gets like glue and will definitely slow down the slide.
Hard to be sure from that angle but it looks like the nose bit into the bottom of the feed ramp - could be a mag lips issue and the round not hitting the ramp at a high enough angle.
Suggestion: Send pistol AND pictures back to S&W under warranty.
Looks to me like something is out of spec. I'd guess the Fiocchi ammunition's case head or extractor groove. Since it feeds other brands of ammo, I don't think I'd waste time sending it in. You could try a different lot of Fiocchi.