Stock Futures Fall, Putting S&P 500 on Track to Snap a 4-Week Winning Streak

Stock futures were lower on Friday, dimming hopes that the S&P 500 could grind out another positive week.

Futures for the S&P 500 fell 0.6%, while those tied to the Dow Jones Industrial Average dipped 162 points, or 0.5%. Nasdaq 100 futures slid 0.8%.

For the week, the S&P 500 entered Friday’s session up just 0.08%, and the Dow was up 0.7% in that time. The tech-heavy Nasdaq came into Friday riding a 0.6% weekly loss. The S&P 500 has posted a gain in each of the last four weeks.

While this week has seen relatively muted moves on Wall Street, it comes on the heels of a solid rally since mid-June.

“The market is doing a little consolidating this week, a little flip-flopping. … I think this is still a healthy market,” said Frank Gretz, a technical analyst at Wellington Shields, citing solid advance-decline ratios in recent weeks.

There are no major economic reports due out on Friday, but traders are still parsing through some key earnings. Applied Materials shares rose slightly in the premarket on the back of a better-than-expected quarterly report.

Market veteran Nancy Tengler says talk of a new bull market is premature, as she names the “reliable” stocks she likes right now.

“I think this rally has been excellent,” Tengler, who is CEO and chief investment officer of Laffer Tengler Investments, told CNBC “Squawk Box Asia” last week. “But I don’t think we’re off and running in a new bull market.”

She named several tech stocks that she thinks are “more reliable growers” — companies with a proven track record of growing earnings and dividends.

U.S. markets have picked up from their mid-June lows in recent weeks, but strategist David Roche believes current support for the market is set to run out.

Speaking to CNBC earlier this week, Roche, head of research firm Independent Strategy, said he thought the rally was “probably 75% over now.”

Bed Bath & Beyond plunges after Cohen dumps his stake

Shares of Bed Bath & Beyond are down more than 40% in extended trading after activist investor Ryan Cohen revealed that he had exited his position in the company.

Cohen had said in a filing earlier this week that his firm RC Ventures intended to sell all of its shares and call options of the struggling retail chain.

Bed Bath & Beyond had surged in recent weeks amid increased interest and trading activity from retail investors.

Applied Materials, Bill.com rise after earnings

Earnings season is winding down, but investors received two encouraging reports on Thursday evening.

Shares of Applied Materials rose about 2% in extended trading after the company beat estimates on the top and bottom lines for its fiscal third quarter. The semiconductor equipment company also gave upbeat guidance for its fourth quarter, with revenue and earnings projections coming in higher than expected.

Meanwhile, shares of bill payment software firm Bill.com surged 19% after its own better-than-expected report. The company also said it plans to be profitable on an adjusted basis in the upcoming fiscal year.