Stock market today: Live updates
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15 Mins Ago
Investors may be seeing McDonald’s as a great value, as stock jumps more than 4% on plans to focus on affordability
McDonald’s is hearing the message consumers are sending loud and clear: They want more value.
While the fast-food giant missed Wall Street’s quarterly targets, investors appear more focused on what is to come, and they seem to suspect that management is on the right track with its approach to pricing.
McDonald’s shares were recently trading up 4.5% as management said it was working to make sure its menu is priced right. It also will continue its popular $5 meal deal.
“We’ve seen a lot of enthusiasm and the number of $5 meal deals sold are above expectations,” said Joe Erlinger, McDonald’s U.S. president, on its earnings conference call. “Trial rates of the deal are highest amongst lower income consumers and sentiment towards the brand around value and affordability has begun to shift positively.”
— Christina Cheddar Berk
39 Mins Ago
Russell 2000 small caps pacing for bearish ‘outside day’
Small-cap stocks are heading for a potential bearish signal known as an “outside day” on Monday if the Russell 2000 closes below 2,238.67, which was Friday’s lowest price.
The small-cap index has been outperforming large-cap indexes this month amid a sector-fueled rotation in the equity market. The Russell 2000 is up more than 9% in July, compared to a 0.3% gain for the S&P 500. The Russell has outperformed the S&P by more than three standard deviations above the historical average over the past 20 trading days. Market watchers have called for a near-term pause in the rally.
Crypto-connected stocks are among those furthest off their intraday highs, including Riot Platforms (RIOT), Cipher Mining (CIFR) and Marathon Digital (MARA). Other notable names trading significantly off their highs include Archer Aviation (ACHR), Carvana (CVNA) and SoundHound AI (SOUN).
An “outside day” is a two-day technical pattern where the second day’s trading range fully engulfs the prior day’s range and changes the direction of recent momentum. Traders often use this pattern to predict potential reversals in an asset’s direction.
— Nick Wells
An Hour Ago
On Semiconductor jumps on earnings beat
On Semiconductor popped nearly 13% on Monday after reporting an earnings and revenue beat before the bell.
The chip company’s second-quarter adjusted earnings per share came in at 96 cents, topping the 92 cents expected from analysts polled by FactSet. Revenue was $1.74 billion, versus the $1.73 billion consensus estimate. However, both adjusted earnings per share and revenue were down from the second quarter of 2023.
The company guided for third-quarter earnings per share to come in between 91 cents and $1.03, while it anticipates third-quarter revenue will be between $1.70 billion and $1.80 billion.
“We remain dedicated to driving growth through market share gains, doubling down on investments in strategic markets, and expanding the breadth of our portfolio of industry-leading products with analog and mixed-signal solutions,” CEO Hassane El-Khoury said in the earnings press release.
“As reflected by our recent supply agreement with Volkswagen Group, we also continue to…
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