STOCK MARKET NEWS: Bed Bath & Beyond tanks, jobless claims, housing data in focus

US stock futures moved higher after falling overnight, following a day when equities fell after the Federal Reserve said US inflation is too high, pointing to support for more aggressive rate hikes.

Major futures indices suggest a small gain when trading on Wall Street begins.

Oil prices rose to gains on Thursday morning.

US crude oil futures traded around $89.00 a barrel. Brent oil futures traded around $94.00 a barrel.

Check out the shares of Bed, Bath & Beyond, which are down 12% in premarket trading from a previous 45% gain. At the root of the wild swings is investor and GameStop chairman Ryan Cohen, who has filed for a proposed sale of his stake in the struggling household goods retailer.

Meanwhile, shares of chipmaker Wolfspeed are up 22% in premarket trading. The wide bandgap semiconductor developer topped Wall Street’s revenue and earnings estimates.

The parade of retail-related earnings continues Thursday, with BJ’s Wholesale Club, Kohl’s, Coach and Kate Spade parent Tapestry, and Estee Lauder reporting ahead of the opening bell.

Economic reports include claims for unemployment and existing home sales.

Asian markets lower after the US session. Tokyo’s Nikkei 225 fell 0.9%, Hong Kong’s Hang Seng lost 0.8% and China’s Shanghai Composite Index lost 0.5%.

Wall Street’s benchmark S&P 500 index lost 0.7% to 4,274.04 on Wednesday. The loss wiped out the week’s gains and caused the index to fall 0.1% since Monday.

The Dow Jones Industrial Average fell 0.5% to 33,980.32 and the Nasdaq fell 1.3%. to 12,938.12.

The Department of Commerce reported that retail sales in July were flat compared to the previous month. Retail chain Target was down 2.7% after reporting a nearly 90% drop in profits in the second quarter.

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