HomeFinancial MarketsU.S. Stocks End 4-Week Winning Streak, Bed Bath & Beyond Crashes

U.S. Stocks End 4-Week Winning Streak, Bed Bath & Beyond Crashes

The four-week winning streak enjoyed by U.S. stocks came to a halt on Friday, with the Nasdaq Index falling by 2%. The benchmark S&P 500 experienced a 1.3% decline while the Dow Jones closed at 0.3% lower.

Bed Bath & Beyond made headlines this week as GameStop chairman Steve Cohen sold his entire 11.8% share in the company on Tuesday and Wednesday. The stock plummeted by 40% throughout the week. Troubled by increasing debt problems, the struggling retailer hired the law firm Kirkland & Ellis, a specialist in bankruptcy and restructuring situations, to assist in managing the company’s debt. Still, Bed Bath & Beyond remains up 120% from last month.

Other retailers followed Bed Bath & Beyond’s downturn, with Wayfair declining by over 16% after announcing the decision to retrench approximately 900 employees, making up 5% of its total workforce and 10% of its corporate team.

On the upside, Foot Locker was a major winner this week, gaining over 20% following the announcement of its better-than-expected quarterly earnings. Both Walmart and Target offered modest returns as well due to exceeding their own quarterly results expectations.

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