The three major indices rose Friday, led by the Dow, which gained over 100 points on the day and the S&P which closed at a session high.
The Dow Jones Industrial Average gained 0.54%, or 136 points to 25,462, while the S&P 500 rose 0.47%, or 13 points to 2,840, and the Nasdaq rose 0.12%, or 9 points to 7,812.
Kraft Climbs on Quarterly Beat
The Kraft Heinz Company (KHC) shares were up 7.7% Friday after the consumer foods maker reported adjusted earnings of 94 cents per share on revenue of $6.69 billion.
Analysts were expecting the company to report earnings of 92 cents per share on revenue of $6.59 billion. However, the company also reported that sales in the U.S., the company's biggest market, fell 1.9% to $4.51 billion.
Sonos Follows Up Impressive Debut With More Gains
Shares of Sonos Inc. (SONO) were up 12% to $22.30 a day after the company debuted on the Nasdaq. The speaker maker rose more than 30% in its debut.
The stock debuted at $15 per share Thursday after being originally priced between $17 and $19 per share.
TheStreet's Scott Gamm sat down with Sonos's CEO, Patrick Spence for the latest. When asked why Sonos debuted at $15 when the company was originally priced at $17 to $19 a share, Spence responded, "Really, it was the tech selloff over the past couple of days. We wanted to be prudent."
China to Slap Tariffs on $60 Billion in U.S. Goods
China is planning to levy differentiated tariffs on about $60 billion of U.S. imports into the country, multiple reports Friday said.
The news comes just hours after Chinese government officials met with U.S. Secretary of State Mike Pompeo.
On Wednesday, U.S. President Donald Trump instructed his trade officials to investigate whether the country should increase the tariffs on $200 billion in Chinese imports to 25% from 10%.
"As two members of the U.N. Security Council and the world's largest two economies, we should of course maintain talks at all times," Chinese State Councillor Wang Yi said Friday, according to Reuters. "Cooperation is the only correct choice for the United States and China. It's the universal expectation of the international community. Opposition can only bring dual loss and will hurt the peaceful and stable development of the world."
In spite of that conciliatory tone, the cold trade war between China and the U.S. seems to be heating up, and equity markets could face pressure Friday as a result.
Molson Coors to Sell Weed Drinks in Canada
Colorado-based beer brewer Molson Coors (TAP) will begin selling pot-infused drinks in Canada, once consumable marijuana becomes legal next year.
Recreational marijuana is scheduled to become legal in the neighbors to the north in October. Coors will partner with Canadian cannabis producer The Hydropothecary Corp. to develop a non-alcoholic drink that contains marijuana.
Molson Coors Canada will hold a 57.5% controlling stake in the stand-alone joint venutre.
U.S. futures are rising across the board Friday as markets await the latest U.S. jobs data report later this morning.
Dow futures are climbing 0.25%, indicating an open 64 points higher, while S&P futures are up 0.22%, indicating an open 6 points higher, and Nasdaq futures are climbing 0.3%, indicating an open 22 points higher.
Asian markets are mostly lower, led by the Shanghai Composite dropped 1%, while the Hang Seng declined 0.14%, and the Nikkei gained 0.06%.
European markets rose across the board led by the FTSE 100, which gained 0.91%, the Dax was up 0.6%, and the CAC 40 is gaining 0.43% with about four hours left in trading.