SNDL Stock Price: Sundial Growers Inc closes the week flat despite MORE Act passing

NASDAQ:SNDL was unchanged during Friday’s trading session.
The MORE Act passes through the House of Representatives on Friday.
The challenge will still be making its way through the Senate.

Stocks Reporter FXStreet

NASDAQ:SNDL erased its early session gains once again on Friday, as the positive outcome of the MORE Act was not enough to boost the stock to a positive day. Shares of SNDL traded even and were unchanged on Friday, as shares closed the week down by 8.62%. Wall Street kicked off the second quarter of 2022 in the green as all three major indices closed the session higher. It was a nice start to April, although stock pared their gains by the closing bell. The Dow Jones added 139 basis points, the S&P 500 gained 0.34%, and the NASDAQ climbed by 0.29% during the session.

Stay up to speed with hot stocks' news!

The major news in the cannabis industry on Friday was that the MORE Act vote passed in the House of Representatives. This was somewhat of an expected outcome, especially as the bill received mostly bipartisan support earlier in the week. While most would view this as a positive result, cannabis investors were clearly not as bullish. Most stocks in the sector traded lower during Friday’s session, including industry leaders like Tilray (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC), and Aurora Cannabis (NASDAQ:ACB). The sector also posted a loss for the week, despite the news.

SNDL stock forecast

While the vote passing in the House of Representatives is a net positive, the true challenge for the MORE Act will be successfully making its way through the Senate. Investors have been reminded over and over again that this exact situation happened in 2020, where the Senate ultimately struck the bill down. The sentiment on Wall Street is the situation might not be any different this time around.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.