Stock market news

Stock market news: What’s the day’s top story in markets? Well, stocks started Thursday in the red as investors reviewed jobless claims data and awaited home-sales figures, plus more major earnings.

But meme stocks continue to captivate some investors too. Shares of Bed Bath and Beyond, which have lately been white-hot, today lost some of that momentum as investor Ryan Cohen filed to sell his stake in the retailer. Shorting it, meanwhile, is getting more expensive.

Investors took some comfort from the Federal Reserve’s meeting minutes Wednesday, but stock markets slipped again in the last hour of trading, and major indexes all ended the day in the red.

The minutes showed policymakers agreed they needed to keep raising rates, but were sensitive to the risk of going too far.

5 things to know before the stock market opens Thursday

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A Kohl’s store in Florida in June.JOE RAEDLE/GETTY IMAGES

Inflation is creating winners and losers in U.S. retail.

Kohl’s earnings shrank by nearly two-thirds in its second quarter as consumer spending tightened. Chief Executive Michelle Gass said economic uncertainty had squeezed its middle-income consumer base. Shares fell nearly 6% in early trading Thursday.

BJ’s Wholesale Club, on the other hand, posted higher sales and profits as inflation-pressured shoppers turned to the wholesale-club company. “Our business model is designed to work well in the current consumer environment where value is king,” Chief Executive Bob Eddy said.

Its shares rose more than 8%.

Missed BBBY? 10 ‘Meme Stocks’ Are Next Gold Mines, Analysts Say

Bed Bath & Beyond’s stock remained under pressure Thursday after billionaire investor Ryan Cohen filed to sell his entire stake in the retailer.

Shares of Bed Bath & Beyond, known by its ticker $BBBY, were down about 19%, trading just below $19, shortly after the open.

Mr. Cohen, the co-founder of Chewy and chairman of GameStop, this week proposed selling his whole stake, as well as call options on the stock. That sparked a pullback in Bed Bath & Beyond shares that began in late Wednesday trading.

Did the stock market ‘misinterpret’ Fed again? What strategists say about the reaction to the July minutes

Mr. Cohen helped ignite a new meme-stock frenzy in shares of Bed Bath & Beyond earlier this year when he disclosed a large stake in the company. Why? Mr. Cohen rapidly ascended from activist investor to GameStop chairman last year. He is revered by many individual investors, due to his cryptic tweets and plans to transform GameStop.

Meanwhile, shorting Bed Bath and Beyond is getting increasingly expensive, The Journal noted earlier today.

U.S. stock benchmarks opened slightly in the red Thursday morning, as investors scanned data that showed jobless claims declined. Figures on existing home sales will be out soon, along with more earnings reports.

Shortly after Thursday’s open:

S&P 500: down less than 0.1%

Nasdaq Composite: down 0.1%

Dow Jones Industrial Average: down 0.1%

The stock market is acting like a Fed soft landing and a strong earnings rebound is a sure thing

Wolfspeed, a U.S.-based semiconductor company, rose nearly 30% in early trading after reporting a narrowing loss and higher revenues in the last quarter.

The company said it expects revenues between $232.5 million to $247.5 million in the current quarter, more than Wall Street analysts had forecast. It also said its loss is likely to shrink even further.

Turkey’s currency dropped toward record lows, its bonds sold off, and investors moved to price in a higher risk of sovereign default after the country’s central bank unexpectedly cut interest rates.

The cut in Turkey’s benchmark interest rate, to 13% from 14%, came as a surprise to analysts who expected it would be held steady as Turkey deals with high inflation and economic implications of the Ukraine war. Turkish President Recep Tayyip Erdogan believes—contrary to economic orthodoxy—that cutting interest rates tames inflation, and has called for lower rates in recent months.

Stock Market Today: Stocks End Lower After Retail Earnings; Fed Minutes

The action runs counter to decisions by other central banks around the world, which are raising interest rates to contain rampant inflation driven by high energy prices, the Russian attack on Ukraine, supply-chain issues, and post-pandemic economic growth.

The lira fell 0.8% against the dollar, with one dollar buying more than 18 lire, putting it near historic lows. Turkey’s currency has shed more than a quarter of its value against the dollar this year.

Traders also sold Turkey’s foreign-currency debt and sought protection against a potential default. The yield on a Turkish dollar bond maturing in March 2027 climbed to 10.061% from 9.725% Wednesday, according to data from Tradeweb.

Stocks making the biggest moves premarket: Kohl’s, BJ’s Wholesale, Estee Lauder, and more

The cost of insuring against default on $10,000 of five-year Turkish dollar bonds using instruments called credit-default swaps rose by $50 after the interest-rate cut, analysts said, putting the cost near $780. The cost neared $900 last month as investors worried high inflation and unconventional economic policy could increase the chances of a default.

Canadian Solar (CSIQ) – The solar equipment and services company reported better-than-expected quarterly profit and solar module shipments that were at the high end of its prior forecast. Canadian Solar also raised its full-year revenue forecast, and its stock jumped 6.2% in premarket trading.

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