Restaurant Stocks Serve A Slider
This morning, many of the leading restaurant stocks are pulling back at the start of the trading session. The catalyst for today's pullback in the restaurant stocks is being blamed on a weak retail sales report. Higher payroll taxes seem to be taking its toll on retail sales and this will certainly have a negative effect on the leading restaurant stocks. Higher gasoline, and energy costs are also a tax on the public and this has yet to be reported by the mainstream media.
Leading restaurant stocks such as Panera Bread Co (NASDAQ: PNRA), Chipotle Mexican Grill, Inc.(NYSE: CMG), McDonald's Corporation (NYSE: MCD), and Darden Restaurants Inc (NYSE: DRI) are just a few of the names in the restaurant sector that are pulling back today. Many traders and investors should know that consumer spending accounts for roughly 70.0 percent of the gross domestic product (GDP) in the United States. Less money in the hands of the consumer will ultimately hurt everything in the retail sector.