Stock Market Winners & Losers: Markets Turn Higher as Volatility Picks Up | No Popping Bottles at LVMH as Luxury Sales Slow
The S&P 500’s 356-day streak of avoiding a 2% decline ended, while the Nasdaq rebounded after its worst day since October 22. Investor concerns about potentially overdone AI optimism are leading them away from the "Mag 7" stocks. The U.S. economy grew more than expected in Q2, with real GDP rising at an annual rate of 2.8%.
Luxury conglomerate LVMH, owner of Louis Vuitton and Hennessy, saw an 8% drop in operating profit in the first half of the year. High-end spending on items like handbags, cognac, and champagne has decreased, and economic challenges are affecting the middle class more than the wealthy. Despite booming prestige purchases in 2022 and 2023, brands like Burberry and Gucci are also struggling. LVMH has invested over $160 million to sponsor the Paris Olympics and is in talks with Formula 1 to have Tag Heuer replace Rolex as the timekeeping sponsor.
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