Stock Market Winners & Losers: Wall Street Readies for Fed Rate Decision | Starbucks Stock Tanks as Business Slows | Cannabis Stocks Surge as Biden Moves to Reclassify
S&P 500 dipped ahead of Federal Reserve decision. Amazon up 3%, Advanced Micro Devices down 7%. Starbucks and CVS Health tumble 16% and 19% respectively on poor outlook and earnings. Job openings decline, signaling economic slowdown despite good earnings and low inflation.
US airlines mishandled over 2.8 million bags in 2023, with American Airlines leading at 28.5%. Meanwhile, Star Wars fans and retailers gear up for May the Fourth, with Lego, Disney, Target, and Walmart offering discounts of up to 20% on themed merchandise.
Starbucks reported a 14% decline in quarterly earnings to $772 million, with revenue slipping 2% to $8.5 billion, causing a 13% drop in its stock value. Additionally, the company lowered its earnings and sales forecast for the remainder of 2024.
Cannabis stocks surged following the Biden administration's decision to ease federal restrictions on marijuana. The Drug Enforcement Administration is expected to reclassify marijuana as a Schedule III substance, moving it alongside substances like Tylenol with codeine and anabolic steroids. As a result, AdvisorShares Pure US Cannabis ETF (MSOS) and Amplify U.S. Alternative Harvest ETF (MJUS) jumped around 20%. Individual companies such as Curaleaf Holdings surged 19% to reach a new 52-week high, while Trulieve Cannabis climbed nearly 30%.
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