Bed Bath & Beyond Down 18.4% After CFO’s Death

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(Newser)

Stocks drifted lower on Wall Street Tuesday, extending the market’s losses into a fourth straight week. The S&P 500 fell 16.07 points, or 0.4%, to 3,908.19. The Dow Jones Industrial Average fell 173.14 points, or 0.6%, to 31,145.30. The Nasdaq fell 85.96 points, or 0.7%, to 11,544.91. Markets are coming off of a three-week losing streak as investors worry about inflation and the Federal Reserve’s determination to fight it with high interest rates, the AP reports.

Technology and communications stocks were among the biggest losers. Intel fell 2.6% and Netflix dropped 3.4%. Bed Bath & Beyond fell 18.4% following the death of its chief financial officer in an apparent suicide Friday. The company has been suffering from a prolonged sales slump and executive turnover. The company that wants to take Trump Media public, Digital World Acquisition, plunged 11.4% following reports it didn’t receive enough shareholder support for an extension to close the deal. ADT jumped 16.4% after State Farm said it was taking a stake in the home security company.


Markets have been slipping in recent weeks and shedding much of the gains made in July and early August as inflation remains hot and the Federal Reserve stays on track to continue raising interest rates to try and tame stubbornly persistent high prices. Trading began Tuesday at the New York Stock Exchange after Ukrainian President Volodymyr Zelensky virtually rang the opening bell. He gave a pitch for a program to attract large-scale investments to his country as it continues to battle Russian forces. (Read more stock market stories.)

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