Stock futures little changed
U.S. stock futures were pointing to a lower open for Wall Street on Friday, after all the three major indices recorded a strong rally during the previous session.
As of 6 a.m. ET, futures tied to the Dow were indicated 22 points, or 0.06% higher to 34,626. S&P 500 futures and the tech-dominated Nasdaq 100 futures were unchanged.
President Joe Biden will travel to the Polish border with Ukraine later today for a briefing on the humanitarian crisis caused by Russia’s invasion of Ukraine.
Before heading to Poland, Biden announced a deal to help secure more liquefied natural gas for EU nations to reduce their reliance on Russian gas.
The president also warned at a NATO summit in Brussels that the alliance would respond “in kind” if Russia decides to use weapons of mass destruction in Ukraine.
Tilray stock surges 16% as House schedules a vote on marijuana legalization bill
Shares of Tilray (NASDAQ: TLRY) soared more than 16% in Friday’s premarket session following Marijuana Moment said in a report that the U.S. House of Representatives has scheduled a vote to federally legalize cannabis.
According to the report, the House will on Monday vote on the federal legalization of cannabis for the second time in history next week.
The bill, dubbed the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, is sponsored by Democratic Representative Jerrold Nadler. It seeks to remove cannabis from the list of federally controlled substances.
If passed, the bill will move to the Senate for consideration before being sent to President Joe Biden’s desk for his signature.
Cannabis stocks popped on the news, with Tilray rising $1.17, or 16.79% to $8.14 a share in premarket hours.
Aurora Cannabis (NASDAQ: ACB) gained 13.86% while Cronos (NASDAQ: CRON) jumped 6.77%. Canopy Growth (NASDAQ: CGC) and Sundial Growers (NASDAQ: SNDL) climbed 11.9% and 19.32%, respectively.
Apple said to be considering hardware subscription service for iPhones
In other news, Apple (NASDAQ: AAPL) is reportedly working on a subscription service that will make owning iPhones and other hardware products, similar to paying a monthly app fee.
Bloomberg reported on Thursday, citing people familiar with the matter, that the project is still in development and could arrive in 2023.
According to the report, Apple would sell iPhones and other hardware as a part of a subscription where consumers will pay a monthly app fee to own the devices rather than buying them for full price.
The strategy could allow the Cupertino, California-based company to generate more revenue from the devices.
