Wall Street aims to close a tumultuous week on a positive note.

BY THE NUMBERS

U.S. stock futures increased on Friday, with both the S&P 500 and the Dow Jones Industrial Average tracking for their second consecutive positive week. Despite being slightly negative at the start of the week, the S&P 500 had been on a roller coaster ride, dropping on Monday after a strong week and then fluctuating between gains and losses. (CNBC)

On Friday, the price of oil remained high at nearly 2.37%, while the price of gasoline dipped roughly 2.5% to around $110 per barrel. Gasoline prices have been fluctuating, but they are likely to keep moving sporadically higher, and more drivers could pay over $5 and even $6 per gallon for unleaded in the peak summer driving season. (Source: CNBC)

IN THE NEWS TODAY

The US and the EU have announced a new partnership to reduce Europe's dependence on Russian energy, marking the beginning of a multi-year effort to isolate Moscow following its invasion of Ukraine. Under the plan, the US and other countries will increase their liquefied natural gas exports to Europe by 15 billion cubic meters this year, with even larger shipments to come in the future. (AP)

On Friday, President Joe Biden will travel to Poland for the second leg of his emergency trip to Europe, following NATO and G-7 summits in Brussels. During his visit, he will meet with his Polish counterpart to discuss the escalating humanitarian crisis caused by the conflict in Ukraine, which has resulted in more than 3.7 million refugees fleeing the country and crossing into Poland. (Source: CNBC)

Moscow is exploring the possibility of accepting bitcoin as payment for its oil and natural gas exports due to increasing isolation under Western sanctions over its Ukraine aggression, as stated by the chair of Russia's legislative committee on energy in translated remarks on Thursday. (CNBC)

The European Union has agreed on new antitrust regulations that could significantly change how U.S. technology companies operate in the bloc. The goal of the reforms is to prevent Big Tech from using their market power to harm smaller competitors. The final version of the legislation must be officially adopted. (Reuters)

FedEx (FDX) plans to test electric carts for deliveries on its signature Express routes in 10 U.S. and Canadian cities in 2022, hoping to address the challenge of limited parking in big cities it serves. (CNBC) Apple is reportedly preparing an iPhone subscription service that could launch this year, according to Bloomberg.

Nebraska Republican Congressman Jeff Fortenberry was found guilty on three counts of lying to federal authorities about an illegal campaign contribution from a Lebanese-Nigerian billionaire in 2016. Each count carries a maximum penalty of five years in prison and fines. Fortenberry stated outside the courthouse that he would appeal the verdict. (NBC News)

In 2020, Virginia Thomas, wife of Supreme Court Justice Clarence Thomas, urged then-President Donald Trump's chief of staff Mark Meadows to work to overturn President Joe Biden's victory in a series of text messages sent shortly after the election, a person familiar with the investigation confirmed to NBC News. Meanwhile, the Supreme Court has remained silent on Justice Clarence Thomas' hospitalization.

STOCKS TO WATCH

According to Bloomberg, BBBY is near to reaching a settlement with investor Ryan Cohen, which would result in the appointment of three new directors. Cohen's RC Ventures owns a 9.8% stake in Bed Bath & Beyond. The stock gained 1.4% in premarket trading.

The stock price of NIO decreased by 3.6% in premarket trading after the company reported higher-than-anticipated quarterly sales but lower-than-expected deliveries.

HNST reported a wider-than-expected quarterly loss due to a significant drop in sales of masks and sanitizing products. The company also issued weaker-than-expected guidance for the current quarter. As a result, shares plummeted 19.5% in the premarket.

After receiving conditional approval from Canadian regulators for a $16 billion takeover of Shaw's broadcasting services, RCI saw a 2% increase in premarket trading.

The premarket saw shares of marijuana producers such as (ACB), (SNDL), and (CGC) extending a Thursday rally, following a report from an industry publication that the House will vote for a second time next week to legalize cannabis at the federal level.

Concerns about stricter regulation by Chinese authorities and the possibility of U.S. delisting of their shares caused a decline in the value of U.S-listed China stocks such as (BABA), (JD), (PDD), and (DIDI).

WATERCOOLER

The Sweet 16 men's basketball game on Thursday night saw fourth-seeded Arkansas defeat No. 1 overall seed Gonzaga, 74-68, dashing their title hopes. In the Elite 8, Arkansas will face second-seeded Duke, who beat No. 3-seed Texas Tech 78-73. Villanova and Michigan also advanced to the Elite 8, while Houston and Arizona were eliminated. The four remaining Sweet 16 games are on Friday night, including an underdog Saint Peter's versus Purdue. (AP)

The Academy Awards ceremony on Sunday night is expected to feature several milestones, including the diversity of this year's nominees. Meanwhile, Apple TV+ and Netflix are competing to become the first streaming service to win Best Picture. (CNBC)