Starbucks Corporation SBUX shares are trading higher by 2.29% to $81.44 Monday afternoon amid overall market strength.
What Happened?
Market indexes are higher Monday following better-than-expected second-quarter earnings from Goldman Sachs, which has lifted market sentiment at large going into the earnings season.
Markets also continue to assess inflation concerns and Fed policy outlook. Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.
Why it Matters
Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.
According to data from Benzinga Pro, Starbucks has a 52-week high of $126.32 and a 52-week low of $68.39.
See Also: Why Bitcoin-, Ethereum- And Litecoin-Related Stocks Are Rising Today
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.