Stocks open lower, S&P 500 set to break winning streak | Technology News

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NEW YORK (AP) – Shares are opening lower on Wall Street, putting the S&P 500 Index on track to break a four-week winning streak. The benchmark index was down 0.9% early Friday. The Nasdaq fell even further as tech stocks suffered some of the biggest losses. The Dow Jones Industrial Average was also lower. Meme stock Bed Bath & Beyond plummeted 40% after high-profile activist investor Ryan Cohen confirmed he had exited the title. General Motors rose after restoring its dividend and Foot Locker skyrocketed after replacing its CEO and reporting earnings that beat Wall Street estimates.

THIS IS AN UPDATE OF LATEST NEWS. AP’s previous story follows below.

NEW YORK (AP) – Wall Street is poised for a significantly lower open on Friday, threatening to drag major indices into negative territory for the week as earnings season draws to a close.

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Futures for the S&P 500 benchmark slipped 0.8% and futures for Dow Jones industrial stocks fell 0.6% just hours before the opening bell.

Earnings on Thursday positioned S&P, Dow, Nasdaq and Russell 2000 to end the week on the positive side.

After a mishmash of corporate earnings, firmer employment data, and a steady report on retail sales, investors may already be looking forward to the annual Federal Reserve conference in Jackson Hole next week in Wyoming for guidance on when and how much it might. raise the US central bank its principal borrowing rate.

The minutes of the Fed’s July meeting released this week said inflation is still too high and made it clear that the central bank will continue to raise interest rates.

The Fed has raised interest rates twice this year by 0.75 percentage points, three times its usual margin. Meteorologists are expecting a hike at the September board meeting, but whether that’s another three-quarters of a point hike or a smaller one may be due to the Fed being more affected by a historically strong job market or from an economy that has contracted two quarters in a row.

In pre-market trading, Foot Locker jumped more than 20% after the mall-based sportswear retailer named former Ulta Beauty CEO Mary Dillon on Friday as CEO, replacing Richard Johnson.

Bed Bath & Beyond continued to slide, losing 36% of its value in overtime trading after high-profile activist investor Ryan Cohen confirmed that he saved the meme stock, which had been spiked by retail investors this. month. The shares were set to open around $ 12 on Friday after reaching as high as $ 30 in intraday trading this week.

Bitcoin fell more than 8%, to $ 21,506.83 each, dragging the rest of the cryptocurrency market with it.

In Europe at midday, London’s FTSE 100 was up 0.2%, Frankfurt’s DAX lost 0.5%, and Paris’s CAC 40 lost 0.4%.

In Asia, the Shanghai Composite Index lost 0.6% to 3,258.08 and the Nikkei 225 in Tokyo lost less than 0.1% to 28,930.33. Hong Kong’s Hang Seng gained 0.4% to 19,838.10.

Seoul’s Kospi lost 0.5% to 2,495.03 while Sydney’s S & P-ASX 200 lost less than 0.1% to 7,110.40.

The Indian Sensex lost 1% to 59,701.73. The New Zealand and Southeast Asian markets retreated.

In energy markets, benchmark US crude oil lost $ 1.40 to $ 89.10 a barrel in e-commerce on the New York Mercantile Exchange. The contract rose from $ 2.39 to $ 90.50 on Thursday. Brent crude, the price base for international trade, fell $ 1.62 to $ 94.97 a barrel in London. It jumped $ 2.94 the previous day to $ 96.59.

The dollar rose to 136.81 yen from 135.91 yen on Thursday. The euro fell to $ 1.0067 from $ 1.0091.

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