Gun-related stocks rose sharply Monday, ahead of President Barak Obama's expected speech on gun control curbs later in the day.
Smith & Wesson (SWHC) shares climbed over 5 percent while Sturm Ruger (RGR) stock was up nearly 3 percent. Meanwhile, gun retailers such as Cabela's (CAB) and Sportsmans Warehouse (SPWH) were trading in the red, along with the broader market.
Obama said he will meet with U.S. Attorney General Loretta Lynch on Monday to discuss tighter gun control measures after a series of mass shootings.
The Washington Post and Politico reported last week that one of Obama's main proposals would require some unlicensed gun dealers to obtain licenses and conduct background checks on potential buyers. Current law exempts smaller dealers who operate at gun shows and sell online from this practice.
Obama could act upon these measures through an executive order, thereby avoiding opposition from the Republican-controlled Congress but also potentially prompting lawsuits by gun advocates.
— Reuters contributed to this report.
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