Happy almost Friday. 

Jim Cramer weighs in on Bed Bath & Beyond's (BBBY - Get Report) quarter and what he expects from day two of Federal Reserve Chairman Jay Powell's testimony in front of the House Financial Committee.

How's the Market Looking?

Let's take a look at the markets and what to expect from Powell when he goes in for his second day of testimony in front of the House Financial Committee. 

The markets have rebounded since they opened this week down. 

The S&P 500 hit 3,000 Wednesday morning and then the Dow Jones Industrial Index hit an intraday high of 27,000 Thursday morning. 

But, let's talk about the Fed. 

Jay Powell has his second day of testimony in front of the House Financial Committee on Thursday. 

And, in case you missed it, here's what Powell is thinking about the possibility of a rate cut currently. 

He said that the Fed was keeping a close eye on slowing global manufacturing growth, tame inflation readings, and the lingering U.S.-China trade dispute. He said that, if those continued, the Fed was considering cutting interest rates.

Bed Bath & Beyond's Earnings

Let's review what happened with Real Money Stock of the Day Bed Bath & Beyond when they reported earnings after the bell Wednesday. 

The company topped analysts' fiscal first-quarter earnings estimates but said it expects fiscal-year earnings on the lower end of its guidance of $2.11 to $2.20 a share.

The company reported same-store sales that fell 6.6%, which disappointed analysts, who were expecting a 3.8% decline.

Watch Jim Cramer's Daily NYSE Show and Replays Below

And Cramer doesn't have a whole lot of faith that the company has the ability to dig themselves out of the deep hole that they're in--especially with Target (TGT - Get Report) targeting Bed Bath & Beyond's sales.