Stock Market Winners & Losers: S&P 500 Tumbles for a 2nd Day | Starbucks’ Plans to Return to Its Roots | How Hermes is Bucking the Global Luxury Slowdown
Microsoft shares dropped 5% following disappointing revenue guidance despite an earnings beat, while Meta fell 2.2% after missing user growth targets and warning of rising capital expenditures. Apple and Amazon are set to report earnings next.
The personal consumption expenditures index showed inflation at 2.1% over the past year. Starbucks, with nearly 17,000 U.S. locations, is aiming for a cozier vibe, adding personal touches like writing names on cups, improving wait times, and reintroducing ceramic mugs and condiment bars. The brand also said goodbye to its Oleato olive-oil drinks.
In the luxury market, Hermès stands out with double-digit revenue growth as rivals like LVMH and Kering see sales declines. Hermès’s highly coveted Birkin and Kelly bags, which account for about 25-28% of its revenue, are prized for their scarcity and often gain value on the resale market.
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