STOCK MARKET NEWS: GM Dividend Update, Bed Bath & Beyond Craters, Futures Slide
US stock futures gave back gains from the previous session as investors analyzed mixed economic signals ahead of a Federal Reserve conference next week.
Major futures indices suggest a 0.5% drop when the opening bell rings.
Oil prices fell slightly on Friday, dampening a rally over the past two days.
U.S. West Texas Intermediate crude was around $89.00 a barrel, after rising 2.7% in the previous session. Brent futures were trading around $95.00 a barrel. after rising 3.1% on Thursday.
Still, the benchmark contracts were heading for weekly losses of around 1.5%.
Shares of Bed, Bath & Beyond plunge another 39% in premarket trading after investor Ryan Cohen sold its shares at average prices between $18.68 and $29.22 per share, a filing shows. regulatory. The GameStop chair sold stock on Tuesday and Wednesday. The premarket drop follows a nearly 20% drop in the regular trading session.
A record week for retail revenue ends Friday morning with two specialty names: footwear favorite Foot Locker and clothing retailer The Buckle. Also watch for results from farm machinery maker 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 7.7% to $21,404 in minutes overnight. Bitcoin bounced back a little to near $22,000. but was down more than 2% last week.
In Asia, the Nikkei 225 in Tokyo lost less than 0.1%, the Hang Seng in Hong Kong gained 0.1% and the Shanghai Composite Index in China lost 0.6%.
Wall Street rebounded after corporate earnings and fewer jobless claims than expected suggest 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 added 0.2% to 12,965.34.