News:

• EU countries might ban fossil fuel cars by 2035:  The European Union agreed to a framework to eliminate carbon emissions from new cars and vans by 2035, effectively closing the chapter on the internal combustion engine. Many automakers are already in the process of switching over to cleaner fleets, but the industry now faces some pressure to hit the accelerator. The bloc's proposal was first raised in July 2021, but with the final endorsement in the bag, it will be up to members of the European Parliament to get the deal over the finish line.

• Shares of gun maker Smith & Wesson soar after whole week of good news:   Shares of Smith & Wesson Brands Inc. rallied again Friday, as better-than-expected earnings and a dividend hike followed a decision by the Supreme Court of the United States to strike down a New York gun-control provision.

Stocks ended a third straight weekly decline on a modestly upbeat note in a volatile session on Friday, but still suffered the largest weekly percentage decline since March 2020, when the economy was shutting down because of the COVID-19 outbreak. Several key pieces of economic data missed forecasts during the week, ranging from retail sales to housing starts, and the Federal Reserve raised its benchmark interest rate by 75 basis points, the most since 1994. The Dow Jones again closed under the 30,000 mark after dipping below that level on Thursday for the first time since January 2021.

Stock market closed the week on a sour note after U.S. inflation accelerated to a fresh 40-year high and consumer sentiment plunged to a record low. Friday's selloff was broad, with all 30 Dow stocks closing lower and decliners outnumbering advancers on the New York Stock Exchange by 8 to 1. The hot inflation numbers, which showed inflation soaring 8.6% on an annualized rate, sparked heightened concerns about a recession and more aggressive interest rate policy from the Federal Reserve starting at next week's meeting.

Stocks fell sharply on Friday to cap their eighth weekly loss out of the last nine, as a stronger than expected report on U.S. nonfarm payrolls suggested the labor market remains robust enough for the Federal Reserve to raise rates quickly (U.S. added 390,000 jobs in May, compared to economists' expectations for 328,000 jobs). The benchmark 10-year Treasury yield climbed above 2.9% after the report, leading to outsized losses among tech stocks. Sentiment also was hurt by a report that Tesla's Elon Musk may be considering job cuts on worries over the economic outlook.

Investors enjoyed a first green week after an almost 2-month long selloff that had taken the Nasdaq Composite solidly into bear territory and the S&P 500 20% below its record high. The Dow Jones index surged 6.2% for the week to snap an eight-week decline, its longest losing streak since 1932, while the S&P climbed 6.5% and the Nasdaq jumped 6.8%, both ending seven-week slides.

Stocks dipped into bear market territory on Friday, with the S&P 500's decline from its January all-time high hitting 20% at one point, before a late-session reversal lifted the benchmark index to a flat finish. Much of the decline in investor confidence recently stems from lackluster retail earnings, which has raised fears that a consumer-led downturn is approaching, on top of the inflation and supply chain challenges that have weighed on sentiment for weeks.

Stocks bounced higher on Friday to close a chaotic week in the financial markets, helped in the end by Federal Reserve Chairman Jerome Powell's reassurance that rate hikes on the order of 75 basis points were off the table for now. But Friday's gains were not enough to erase sharp losses for the full week, as investors worried about the Fed's ability to turn back raging inflation without knocking the U.S. economy into a recession.

Most of the major benchmarks endured a fifth consecutive week of losses as interest rate and inflation worries continued to weigh on sentiment, especially toward growth stocks. The losses briefly pushed the Dow Jones Industrial Average into correction territory, down more than 10% from its recent highs, where it joined the S&P 500. The Nasdaq Composite ended the week firmly in bear markets, down more than 25%.