Friday's trading: 5 things to know

Bank shares could move after 33 major banks passed the latest Fed stress tests determining they could withstand an economic contraction

Here are the key events taking place on Friday that could impact trading.

FEDEX EARNINGS: Shares of the package delivery company gained more than 2% in after-hours trading after reporting that revenue rose 8% in its fourth quarter helped by higher shipping rates and fuel surcharges. Operating income rose 6.7% from a year earlier to $1.9 billion. Adjusted earnings of $6.87 per share missed Wall Street expectations. FedEx expects full-year earnings in the range of $22.50 to $24.50 per share.

Fedex

A cargo plane is refueled on the tarmac at the FedEx Corp. distribution hub at Los Angeles International Airport. (Photographer: Patrick T. Fallon/Bloomberg via Getty Images / Getty Images)

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SMITH & WESSON BRANDS: Revenue at the firearms maker 44% in its fiscal fourth quarter as demand moderated. Profit was $36.1 million, or 79 cents a share, compared with $89.2 million, or $1.70 a share, a year ago. Adjusted earnings per share were 82 cents, topping the estimate for 67 cents.

Ticker Security Last Change Change %
SWBI SMITH & WESSON BRANDS 16.12 -0.07 -0.43%

BANK STRESS TESTS: The nation’s major banks are in good shape and can withstand a severe economic contraction, the Federal Reserve determined Thursday. The 33 largest banks received a passing grade from the Federal Reserve following the latest annual "stress tests."  

ALL 33 MAJOR US BANKS PASS FED'S ANNUAL 'STRESS TESTS'

This year's scenario was being able to handle an unemployment rate that would more than double to 10%, a severe contraction in commercial real estate and stock market values that could cause losses of more than $600 billion.

Bank logos

File photos showing Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. (REUTERS/File Photo / Reuters Photos)

HOUSING DATA: The Census Bureau is expected to say that sales of new single-family homes fell 0.5% in May to a seasonally adjusted annual rate of 588,000. That would be the fifth straight monthly decline. Surging mortgage rates and record-high prices have shut many homebuyers out of the market. 

SURGING MORTGAGE RATES HITTING FIRST-TIME HOMEBUYERS ‘THE HARDEST’

 On Tuesday, sales of existing homes fell to a 2-year low amid soaring borrowing costs.

home sales

A sold sign hangs in from of a home that was recently listed for sale. (iStock / iStock)

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CONSUMER SENTIMENT: The University of Michigan will report it’s final index of consumer sentiment for June. It’s expected to hold steady at the preliminary reading of 50.2, which is a record low as gasoline prices soared to all-time highs, driving inflation fears.