STOCK NEWS: GM dividend update, Bed Bath & Beyond craters, futures slide

US equity futures clawed back gains from the previous session as investors analyzed conflicting economic signals ahead of a Federal Reserve conference next week.

Major index futures suggest a 0.5% decline at the opening bell.

Oil prices fell slightly on Friday, slowing a rally in recent days.

US West Texas Intermediate crude was around $89.00 a barrel, after rising 2.7% in the previous session. Brent crude futures were trading around $95.00 a barrel. after settling 3.1% more on Thursday.

Still, benchmark contracts headed for weekly losses of around 1.5%.

Shares of Bed, Bath & Beyond are falling another 39% in premarket trading after investor Ryan Cohen sold its shares at an average price range of $18.68 to $29.22 per share, according to a regulatory filing . The GameStop chair sold the stock on Tuesday and Wednesday. The pre-market drop follows a nearly 20% drop in the regular trading session.

A banner week for retail earnings ends Friday morning with a pair of specialty names: footwear favorite Foot Locker and clothing retailer The Buckle. Also look at the results of agricultural machinery manufacturer Deere and live entertainment producer Madison Square Garden Entertainment.

Cryptocurrencies fell sharply on Friday, dragging bitcoin to a three-week low. The reason for the fall was not immediately known.

Bitcoin fell as much as 7.7% to $21,404 for a few minutes overnight. Bitcoin recovered a bit to almost $22,000. but fell more than 2% last week.

In Asia, Tokyo’s Nikkei 225 lost less than 0.1 percent, Hong Kong’s Hang Seng added 0.1 percent and China’s Shanghai Composite index lost 0.6 percent.

Wall Street rallied after corporate results and fewer than expected jobless claims suggested the US economy has pockets of resilience despite repeated interest rate hikes.

The S&P 500 rose 0.2% to 4,283.74, the Dow Jones Industrial Average gained 0.1% to 33,999.04, the Nasdaq rose 0.2% to 12,965.34.



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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!