Several sectors took a hit in Friday trading following a U.S. airstrike in Iraq and more in Friday’s Closing Bell on Money & Markets.
Financial stocks, technology, health care and airlines saw a lot of gains erased Friday as tensions between the U.S. and Iran ratcheted up following a U.S. airstrike killing a top Iranian general.
Defense contractors like Northrup Grumman Corp. (NYSE: NOC) and Lockheed Martin Corp. (NYSE: LMT) all posted afternoon gains and both U.S. and Brent crude oil were up in response to the attack.
Money and Markets: Closing Bell
S&P 500: 3,234 (-23 points, -0.7%)
DOW: 28,634 (-233 points, -0.8%)
NASDAQ: 9,020 (-71 points, -0.8%)
GOLD: $1,548.93* (+24.43, +1.6%)
BITCOIN: $7,304.42* (+5.3%)
U.S. 10-YEAR YIELD: 1.79%
*as of 4:04 p.m. EST
Golden Nuggets
On the heels of the U.S. airstrike in Iraq, gold prices soared Friday.
The precious metal jumped $19 to around $1,548 an ounce in afternoon trading. Other metals were also up as investors leaned in to safe havens.
Silver was up over $18 an ounce while platinum jumped past $982 and palladium surpassed $1,960.
Cannabis Corner
Cannabis stocks closed out the shortened week mostly down.
The Advisorshares Pure Cannabis ETF (NYSE: YOLO) was down around 1% in Friday afternoon trading. The Global X Cannabis ETF (Nasdaq: POTX) was down more than 1%.
Other cannabis stocks, like Canopy Growth Corp. (NYSE: CGC) and Abbvie Inc. (NYSE: ABBV) were also down Friday afternoon.
Stock Market Update
The S&P 500 closed down 0.7%. The Dow Jones Industrial Average lost 233 points, or 0.8%, to 28,634. The index briefly dropped 368 points.
The Nasdaq dropped 0.8%.
Today’s Big Winners:
(as of 3:15 p.m. EST)
Lamb Weston Holdings Inc. (NYSE: LW) +11%
L Brands Inc. (NYSE: LB) +7.6%
Northrup Grumman Corp. (NYSE: NOC) +5.2%
Lockheed Martin Corp. (NYSE: LMT) +3.3%
Tesla Inc. (Nasdaq: TSLA) +3.6%
Today’s Big Losers:
(as of 3: 15 p.m. EST)
Incyte Corp. (Nasdaq: INCY) -10%
American Airlines Group Inc. (Nasdaq: AAL) -4.3%
HollyFrontier Corp. (NYSE: HFC) -6.8%
Valero Energy Corp. (NYSE: VLO) -3.6%
Caterpillar Inc. (NYSE: CAT) -1.7%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.
Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.