BY THE NUMBERS
U.S. stock futures rose Friday as the S&P 500 and the Nasdaq tracked for their second straight positive week. The Dow Jones Industrial Average was slightly negative for the week heading into Friday. Wall Street has been on a roller coaster: dropping on Monday after the prior week's best weekly performance since November 2020 and then alternating between gains and losses and gains. (CNBC)
The 10-year Treasury yield on Friday remained elevated at nearly 2.37%, while U.S. oil prices dipped roughly 2.5% to around $110 per barrel. Gasoline prices have been fluctuating but are likely to keep moving sporadically higher, and more drivers could pay over $5 and even $6 per gallon for unleaded in the peak summer driving season. (CNBC)
IN THE NEWS TODAY
The United States and the EU on Friday announced a new partnership to reduce Europe's reliance on Russian energy, the start of a yearslong effort to further isolate Moscow after its invasion of Ukraine. Under the plan, the U.S. and other nations will increase liquified natural gas exports to Europe by 15 billion cubic meters this year. Even larger shipments will be delivered in the future. (AP)
Following a day of NATO and G-7 summits in Brussels, President Joe Biden is set to travel to Poland on Friday — the second leg of his emergency trip to Europe. The president will be meeting with his Polish counterpart about the worsening humanitarian crisis as more than 3.7 million refugees have fled war-torn Ukraine, the bulk of them crossing the border into Poland. (CNBC)
Russia is considering accepting bitcoin as payment for its oil and natural gas exports as Moscow finds itself more and more isolated under Western sanctions over its Ukraine aggression. That's according to the chair of Russia's legislative committee on energy said in translated remarks Thursday. (CNBC)
The European Union agreed on landmark new antitrust regulations that could dramatically reshape how U.S. technology giants conduct business in the bloc. A key aim of the reforms is to prevent Big Tech from abusing their market position to harm smaller rivals. A finalized version of the legislation still needs to be officially adopted. (CNBC)
FedEx (FDX) plans to test electric carts to make deliveries on its signature Express routes in 10 U.S. and Canadian cities throughout 2022. The company hopes electric delivery carts will help address a major challenge it faces in every big city it serves: lack of parking. (CNBC)
* Apple is preparing an iPhone subscription service that could launch this year (Bloomberg)
Rep. Jeff Fortenberry, R-Neb., was convicted Thursday on three counts of lying to federal authorities about an illegal campaign contribution in 2016 from a Lebanese-Nigerian billionaire. Each count carries a maximum penalty of five years in prison, as well as fines. He told reporters outside the courthouse that he would appeal. (NBC News)
Virginia Thomas, the wife of Supreme Court Justice Clarence Thomas, in 2020 urged then-President Donald Trump's chief of staff Mark Meadows to work to overturn President Joe Biden's victory in a series of text messages sent shortly after the election, a person familiar with the investigation confirmed to NBC News.
* Supreme Court silent on Justice Clarence Thomas' hospitalization (CNBC)
STOCKS TO WATCH
Bed Bath & Beyond (BBBY) is close to reaching a settlement with investor Ryan Cohen, according to Bloomberg. The agreement would see three new directors appointed. Cohen's RC Ventures holds a 9.8% stake in Bed Bath & Beyond. The stock added 1.4% in premarket trading.
Nio (NIO) shares fell 3.6% in premarket action after the China-based electric car maker reported better-than-expected quarterly sales but saw deliveries fall below analyst estimates.
Honest Company (HNST) posted a wider-than-expected quarterly loss as sales of masks and sanitizing products dropped significantly. It also issued guidance for the current quarter that was weaker than expected. Shares slumped 19.5% in the premarket.
Shaw Communications (SJR) added 2% in premarket trading after Canadian regulators gave conditional approval to a $16 billion takeover of Shaw's broadcasting services by Canadian telecom giant Rogers Communications (RCI).
Shares of marijuana producers such as Aurora Cannabis (ACB), Sundial Growers (SNDL) and Canopy Growth (CGC) were extending a Thursday rally in the premarket, following an industry publication's report that the House will vote for a second time next week to legalize cannabis at the federal level.
U.S-listed China stocks including Alibaba (BABA), JD.com (JD), Pinduoduo (PDD) and Didi Global (DIDI) were dropping due to concerns about tighter regulation by Chinese authorities and potential U.S. delistings of those shares.
March Madness: Fourth-seed Arkansas dashed No. 1 overall seed Gonzaga's title hopes with a 74-68 victory in Thursday night's Sweet 16 men's basketball game. In Saturday's Elite 8, they will face second-seeded Duke, who beat No. 3-seed Texas Tech 78-73. Villanova beat Michigan. Houston beat Arizona. The four remaining Sweet 16 games are Friday night, including underdog Saint Peter's versus Purdue. (AP)
Audiences are likely to see a number of milestones set during Sunday night's Academy Awards ceremony, with the diversity in this year's crop of Oscar nominees. Another storyline: Apple TV+ (AAPL) and Netflix (NFLX) are vying to become the first streaming service to win Best Picture. (CNBC)