Here's what happened on Wall Street Friday, December 8.
The major averages closed the day in the green, with the S&P 500 leading the way higher and climbing 0.55%. The Dow Jones Industrial Average rose 0.49% and the Nasdaq gained 0.4%.
Gun Stocks Get Caught Up in American Outdoor Selloff
Sturm, Ruger (RGR) and Vista Outdoor (VSTO) traded lower Friday in sympathy with American Outdoor after the company said that full-year revenue would be below previous estimates.
Sturm, Ruger was down more than 8% while Vista declined nearly 4%.
American Outdoor Brands was was one of the market's biggest losers Friday, falling 13.5% shortly after the opening bell after the company lowered its full-year revenue guidance to between $650 million and $675 million from its previous view between $700 million and $740 million.
"Our results for the second quarter were within our guidance range despite challenging market conditions. Lower shipments in our Firearms business reflected a significant reduction in wholesaler and retailer orders versus the prior year," CEO James Debney said.
Upstream iPhone Supplier Reports Weakening Shipments
An unnamed Apple (AAPL) iPhone X supplier told the DigiTimes that demand for iPhone X components weakened in November and could drop further in December. The November numbers were about 30% lower than expected.
The source said that it expects iPhone X shipments in January and February to be similar to the levels they are now. However, beginning in March those levels are expected to decline sharply.
Trump Says He Won't Let Wells Fargo off the Hook
President Trump countered reports that fines and penalties against Wells Fargo (WFC) would be dropped.
Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!
— Donald J. Trump (@realDonaldTrump) December 8, 2017
Wells Fargo shares remained in positive territory following the tweet, gaining 0.11% Friday afternoon.
The California Department of Insurance plans to revoke or suspend Wells Fargo's insurance license over 1,500 fake insurance policies that were opened at the bank without customer knowledge.
American Outdoor Brands Lowers Full Year Revenue Guidance
American Outdoor Brands (AOBC) was was one of the market's biggest losers Friday, falling 13.5% shortly after the opening bell after the company lowered its full-year revenue guidance to between $650 million and $675 million from its previous view between $700 million and $740 million.
"Our results for the second quarter were within our guidance range despite challenging market conditions. Lower shipments in our Firearms business reflected a significant reduction in wholesaler and retailer orders versus the prior year," CEO James Debney said.
Flights Cancelled in ATL Following Weather Advisory
About 5% of the flights coming out of Atlanta's Hartsfield-Jackson International airport have been cancelled, according to flight-tracking service FlightAware. Another 1% are delayed.
The cancellations are a result of a winter weather advisory issued by the National Weather Service for "periods of snow or rain mixed with snow" in the Atlanta metro area.
American Airlines (AAL) , Delta (DAL) , Southwest (LUV) and United (UAL) all put out weather-related waivers, offering flexible rescheduling options for their travelers.
U.S. Economy Adds 228,000 Jobs in November
U.S. non-farm payrolls rose by 228,000 in November, keeping the U.S. unemployment rate steady at 4.1%. Analysts were expecting the economy to add 190,000 jobs in the month.
Manufacturing payrolls outperformed expectations the most, adding 31,000 jobs in the sector vs. the consensus estimate of 20,000 jobs added.
October payrolls had a downward revision to 244,000 jobs added from the previous estimate of 261,000 jobs added.
YouTube to Launch New Music Service in March
Alphabet's (GOOGL) YouTube will launch a new paid music streaming service in March called "Remix", sources told Bloomberg, as the company looks to eat into the market share of more established music streamers Spotify and Apple (AAPL) .
Warner Music Group, one of the world's three biggest music labels, is already on board with the service and YouTube is currently in negotiations with Sony Music Entertainment and Universal Music Group, according to Bloomberg.
The service would allow on-demand streaming in addition to YouTube staples like video clips.
Bitcoin Falls 10% from Record High
Another day, another wild bitcoin swing.
The price of bitcoin was down 10.47% Friday morning to $15,071.03 after reaching a high above $17,000. The cryptocurrency traded as low as about $14,000 today. On Thursday, bitcoin surged above $19,000.
The $3,000 trading range has become the norm for the popular digital currency as investors flock to bitcoin and banks caution against its use.
Three of the big five banks said that they will limit or not allow their clients access to bitcoin futures once trading begins next week on the Chicago Board Options Exchange.
Premarket
U.S. futures were trading in the green across the board Friday morning, indicating a strong open for markets once trading gets underway.
Nasdaq futures were gaining the most, continuing a strong run for the tech-heavy index, while S&P 500 and Dow Jones Industrial Average futures both gained 0.15%.
World markets were showing strength, especially in Asia where the Nikkei and Hang Seng closed the day up 1.39% and 1.19% respectively. The Shanghai Composite gained 0.55% on the day.
In Europe, the DAX in Germany was up 1.12%, the FTSE 100 rose 0.55% and the CAC 40 gained 0.39% with about three hours left in trading across the Atlantic.
