Stocks tumble, S&P 500 on pace to break 4-week win streak

Shares of Bed Bath & Beyond are down more than 40% in extended trading afterCohen 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.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.With one day left in the trading week, here's where the major averages stand:Down 7.99% from its record highDown 11.10% from its record higherDown 20.03% from its record high

Algorithmic trading platforms are causing this frenzy selling but watch out as options expire and they turn the buttons on after they sell and cover their shorts and buy more!

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