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Stock Market News: Nasdaq jumps, Smith & Wesson CEO on SCOTUS gun ruling, new home sales

Breaking News

U.S. stocks jump 1% across the board, 11 S&P sectors higher

Symbol Price Change %Change
XLK $128.82 +1.90 +1.50%
XLY $141.59 +2.19 +1.57%

U.S. stocks rose 1%+ across the board on Friday as investors digested balanced remarks from Federal Reserve Chairman Jerome Powell on managing the economy and inflation. All 11 of the S&P’s largest sectors rose with technology and consumer discretionary companies leading in early trading. In commodities, oil hovered around the $105 per barrel level. 

Smith & Wesson CEO on SCOTUS Gun Ruling

Symbol Price Change %Change
SWBI $14.36 +1.26 +9.62%

The Supreme Court rejected tougher rules in New York for concealed carry rights. Following the decision Smith & Wesson’s CEO weighed in on the company’s earnings call.

“It simply clarifies that responsible while abiding citizens don’t need to ask the government’s permission to exercise their constitutional rights. We obviously agree with this and insofar as impact to concealed carry in our products, conceal carry is a pretty big portion of our market, we expect that as it expands the access of those products to those law-abiding citizens, that that’ll have a positive impact on us, what that is probably too early to tell” said Mark Smith, CEO of Smith & Wesson.

Futures at a glance

U.S. stock futures are trading higher on Friday morning, looking to end the week on a positive note after a three-week losing streak.

Meanwhile, oil prices are higher, with West Texas Intermediate crude futures trading at around $105.70 a barrel and Brent crude futures
trading at about $111.50 per barrel.

Stock futures trade higher as equities head for a winning week

U.S. equity futures ware trading higher on Friday morning, adding to gains from the previous session with markets heading for its first weekly gain after three weeks of punishing losses.

Headlining the economic reports that traders will be watching are sales of new single-family homes. 

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Oil heads for second weekly drop

Oil prices gained on Friday, but were heading for a second weekly decline, as tight supply was overshadowed by concern that rising interest rates could push the world economy into recession.

U.S. benchmark crude oil was at $105 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the basis for pricing for international trading, was at $110 per barrel.

Gas prices continue slide

The price of a gallon of regular gasoline slipped on Friday morning to $4.926, according to AAA. The price on Thursday was at $4.94. Gas has declined for seven straight days. Diesel slipped as well to $5.805 down from $5.808.

Bitcoin hovers near $21,000

Bitcoin is trading near $21,000 and gained in three of the last five days heading into Friday. The cryptocurrency is off more than 34% month-to-date and down more than 55% year-to-date.

Bitcoin is down more than 69% from its all-time high of $67802.30 back in November. Ether is trading at $1,100. Dogecoin is at 6 cents.

Read More: Stock Market News: Nasdaq jumps, Smith & Wesson CEO on SCOTUS gun ruling, new home sales

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