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Amazon.com Inc. is looking to muscle in on Apple Inc.’s and Spotify AB’s territory by launching a standalone streaming-music service by subscription, according to a late Friday Reuters report citing people close to the matter. The $9.99-a-month service is expected to launch in the late summer or early fall, Reuters said. Amazon, which already offers limited streaming music to its Prime subscribers, did not respond to a request for comment from Reuters. Amazon shares rose less than 0.1% to $718.26 after hours.

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From:: Stock Market News

U.S. stocks closed lower Friday, with only blue chips holding onto slight gains for the week, as anxiety over a possible exit of the U.K. from the European Union and a drop in oil prices weighed on markets. The Dow Jones Industrial Average fell 119.85 points, or 0.7%, to close at 17,865.34, for a weekly gain of 0.3%. The S&P 500 Index declined 19.41 points, or 0.9%, to finish at 2,096.07, for a loss of 0.2% on the week. The Nasdaq Composite Index dropped 64.07 points, or 1.3%, to close at 4,894.55, for a weekly loss of 1%. Oil futures slipped back below $50 a barrel, settling down 3% at $49.07.

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From:: Stock Market News

Oil futures fell on Friday to settle back below $50 a barrel, as a second-straight weekly rise in the number of active U.S. rigs drilling for oil raised concerns about growing production. July WTI crude settled at $49.07 a barrel on the New York Mercantile Exchange, down $1.49, or 3%, for the session. Prices still finished higher for the week as global supply disruptions pulled prices past $51 a barrel Wednesday to their highest level in nearly 11 months.

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From:: Stock Market News

The pound plunged to its weakest level against the dollar in eight weeks on Friday after a new poll showed rising support for a vote to leave the European Union. The poll, conducted by the Independent, a British newspaper, showed 55% of U.K. voters intend to vote “leave” at the June 23 referendum. The British currency traded as low as $1.4180 after the poll was published, its weakest level since April 18. It traded at $1.4329 earlier in the session. The pound has fallen sharply this week as a spate of recent polls showed rising support for the “leave” vote. The British currency has shed nearly 2% of its value relative to the dollar so far this week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Gold futures settled higher on Friday to tally a weekly gain of 2.7%, as weakness in U.S. equities and uncertainty ahead of the Brexit vote later this month helped lift the metal’s safe-haven investment appeal. Gold for August delivery settled at $1,275.90 an ounce, up $3.20, or 0.3%.

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From:: Stock Market News

Gold futures settled higher on Friday to tally a weekly gain of 2.7%, as weakness in U.S. equities and uncertainty ahead of the Brexit vote later this month helped lift the metal’s safe-haven investment appeal. Gold for August delivery settled at $1,275.90 an ounce, up $3.20, or 0.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Oil futures held on to sharp losses Friday after a Baker Hughes report showed that rigs drilling for oil in the U.S. rose by 3 to 328, marking the second straight weekly rise in active drilling rigs. Last week, the rig count rose by 9 rigs. West Texas Intermediate crude futures trading for July delivery maintained steep losses, and were most recently down 2.7% at $49.22 a barrel. Brent oil , its international counterpart, was off 2.4% at $50.71 a barrel. Active gas rigs rose by 3 to 85, according to Baker Hughes. Phil Flynn, senior market analyst at Price Futures Group, said he was heartened by the report after last week’s jump in rigs. Market participants use the report to gauge whether U.S. producers are revving up oil-production activity, which could drive down the price oil. “It shows the market is stabilizing, but it wasn’t as [large of an increase] as some feared,” he said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News