Headlining the economic reports that traders will be watching are sales of new single-family homes. The report could show a decline of 0.5% in May to a seasonally adjusted annual rate of 588,000.
|I:DJI||DOW JONES AVERAGES||31500.68||+823.32||+2.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||11607.620416||+375.43||+3.34%|
Commodity, Oil prices gained on Friday and were heading for a second weekly decline.
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.
FedEx shares gained more than 2% in after-hours trading after reporting that revenue rose 8% in its fourth quarter helped by higher shipping rates and fuel surcharges. Operating income rose 6.7% from a year earlier to $1.9 billion. Adjusted earnings of $6.87 per share missed Wall Street expectations. FedEx expects full-year earnings in the range of $22.50 to $24.50 per share.
Major banks performance, the nation’s major banks are in good shape and can withstand a severe economic contraction, the Federal Reserve determined Thursday. The 33 largest banks received a passing grade from the Federal Reserve following the latest annual "stress tests."
This year's scenario was being able to handle an unemployment rate that would more than double to 10%, a severe contraction in commercial real estate and stock market values that could cause losses of more than $600 billion.
Bitcoin traded around $21,000.