Futures lower, bitcoin tumbles open for Friday

Equity futures pointed to losses at the opening as markets headed for a four-week winning streak, the longest since November.

By 7:30 a.m. ET, Nasdaq futures headed the way down, falling 1.1%, while S&P 500 futures fell 0.9% and Dow futures fell 0.8%.

The biggest moves came from the cryptocurrency markets early Friday, with bitcoin (BTC-USD) falling more than 8% to trade near $21,500, its lowest level since late July. Ethereum (ETH-USD) price also fell more than 7% to trade near $1,700.

WTI crude oil futures, which have been trending down to reach their lowest settlement since late January earlier this week, fell about 2% to $88 a barrel early Friday.

In individual stock news, a collapse in Shares of Bed Bath & Beyond (BBBY) was the big story early Friday, with the stock falling pre-market by more than 40% after GameStop (GME) chairman and activist investor Ryan Cohen announced on Thursday that he was left his 11.8% position in the company.

Cohen’s RC Ventures disclosed plans to sell its stake in the troubled retailer in an SEC filing published Wednesday, and Cohen’s updated filing on Thursday showed that he sold his Bed Bath & Beyond holdings during the trading day on Thursday. Tuesday and Wednesday.

Bloomberg also reported late Thursday that Bed Bath & Beyond has hired Kirkland & Ellis, a law firm known for its work in bankruptcy and restructuring, to help manage its mounting debt burden.

A view of a Bed Bad & Beyond Inc franchise in Boca Raton, Florida, Jan. 6, 2010. The home furnishings retailer is expected to report third quarter results on Wednesday.  REUTERS/Joe Skipper (UNITED STATES - Tags: BUSINESS)

A view of a Bed Bath & Beyond Inc franchise in Boca Raton, Florida, Jan. 6, 2010. REUTERS/Joe Skipper

On the earnings side, retail remains the focus on Friday with shares of Foot Locker (FL) rising more than 18% in pre-market trading after announcing better-than-expected quarterly results and the appointment of a new CEO.

Foot Locker’s same-store sales fell 10.3% in the most recent quarter, less than the more than 14% decline analysts expected, while earnings per share of $1.10 were higher than estimates for a profit of $0.80. The company expected same-store sales to fall 8%-9% in 2022; previously, Foot Locker expected same-store sales to fall closer to 10%.

In terms of economic data, there is no key data for release on Friday.

This message is being updated.

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for: Apple or android

Follow Yahoo Finance on Twitter, Facebook, Instagram, flip board, LinkedInand YouTube


Add a Comment

Your email address will not be published.