Quick Service Restaurants Face Disgruntled Consumers and Nervous Investors
What to Expect in the Week Ahead (Google and Tesla Earnings; GDP and PCE Data)
This week, investors should keep an eye on earnings reports from several key players, including Google and Tesla. Key economic data to watch for will include the release of the first estimate of second-quarter gross domestic product and the Federal Reserve's preferred inflation measure for June.
Financials Dominate in Q2 as Wall Street Slides Amidst Concerns on Tech - Earnings Scorecard
Domino's Plans To Cut Store Openings 'Come As A Surprise': Analyst
Domino's Pizza, Inc.'s (NYSE:DPZ) plans to cut back on opening new stores has caught analysts off guard, given its solid performance in the quick-service restaurant industry.The Michigan-based pizza
US stocks closed with all three major indices falling, with the S&P Nasdaq index seeing its largest weekly decline in three months. Technology stocks weakened, with Tesla down more than 4%, Nvidia down more than 2%, and CrowdStrike down more than 11%.
Investors accelerated their escape from technology stocks, with stocks and bonds in Europe and the United States being hit hard for two days. This week, the S&P 500 and Nasdaq fell by about 2% and 3.7%, respectively. The Nasdaq stopped its six-week continuous rise, while the Dow and small-cap indices rose by 0.7% and 1.7%, respectively. Chip stocks fell more than 3% on Friday and nearly 9% for the week. Nvidia also fell more than 8.7% for the past three months, making it the worst performer. The "seven sisters of technology" all fell for the week, and cybersecurity leader Crowdstrike, which triggered a global technology outage, fell 11% on Friday, the worst in nearly two years. The VIX panic index rose more than 32% for the week.
Starbucks jumped 7% during trading after being targeted by investment giant Elliott.
According to the media, Elliott holds a large amount of Starbucks shares and has been pushing for ways to improve the stock price. Recently, they have had private contact with Starbucks and the two parties may reach an agreement soon. Subsequently, the increase in Starbucks' stock price expanded from less than 0.6% to 6.8% in about ten minutes.