Stock futures were pointing to losses at the open as markets pace towards snapping a four-week winning streak, the longest since November.
Near 7:30 a.m. ET, Nasdaq futures were leading the way lower, falling 1.1%, while S&P 500 futures were down 0.9%, and Dow futures off 0.8%.
The biggest moves early Friday were coming from the cryptocurrency markets, with bitcoin (BTC-USD) down over 8% to trade near $21,500, its lowest level since late July. The price of ethereum (ETH-USD) was also down more than 7% to trade near $1,700.
WTI crude oil futures, which have been trending lower at reached their lowest settlement since late January earlier this week, were down about 2% early Friday to $88 a barrel.
In individual stock news, a collapse in shares of Bed Bath & Beyond (BBBY) was the big story early Friday, with the stock down more than 40% pre-market after GameStop (GME) chairman and activist investor Ryan Cohen disclosed on Thursday he exited 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 he sold out of his Bed Bath & Beyond holdings during the trading day on 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 situations, to help manage its increasing debt load.
On the earnings front, retail remains the focus on Friday with shares of Foot Locker (FL) up more than 18% in pre-market trading after announcing quarterly results that were better-than-expected and named a new CEO.
Foot Locker’s same-store sales fell 10.3% in the most recent quarter, less than the more than 14% decline expected by analysts, while earnings per share of $1.10 topped estimates for earnings of $0.80. The company expected same-store sales will fall 8%-9% in 2022; previously, Foot Locker expected same-store sales to drop closer to 10%.
On the economic data, no major data is set for release on Friday.
This post will be updated.