“Chili’s is officially back, baby back!” said CEO Kevin Hochman.
Its stock came into the day with a gain of 17.1 per cent for the year so far, and it swung between gains and losses through the morning. It was most recently up 3.5 per cent.
HanesBrands climbed 3.8 per cent after it agreed to sell itself to Gildan Activewear for $2.2 billion in cash and Gildan stock. The deal would combine North Carolinas’ HanesBrands with Canada’s Gildan, and Gildan’s stock that trades in the United States rose 10.7 per cent.
Cryptocurrency exchange Bullish, which also owns crypto news site CoinDesk, surged in its debut on Wall Street. The stock more than doubled from its $37 initial public offering price after it started trading.
On the losing end of Wall Street were grocery stores and delivery companies, which fell after Amazon said it will offer fresh groceries to customers in more than 1000 cities and towns through same-day delivery. Kroger fell 4.2 per cent, and DoorDash dropped 4.8 per cent, while Amazon rose 1.2 per cent.
Loading
Cava Group sank 15.8 per cent after the Mediterranean restaurant chain reported weaker revenue for the latest quarter than analysts expected, though its profit topped forecasts. It also cut its forecast for 2025 growth in sales at restaurants that have been open for more than a year, where guest traffic has been roughly flat recently from year-ago levels.
CoreWeave lost 17.9 per cent after the company, whose cloud platform helps customers running artificial-intelligence workloads, reported a larger loss for the latest quarter than analysts expected.
In the bond market, Treasury yields eased as expectations built for coming cuts to interest rates by the Fed.
The yield on the 10-year Treasury fell to 4.24 per cent from 4.29 per cent late Tuesday and from 4.50 per cent in mid-July. That’s a notable move for the bond market.
President Donald Trump has angrily been calling for cuts to help the economy, often insulting the Fed’s chair personally while doing so.
But the Fed has been hesitant so far because of the possibility that Trump’s tariffs could make inflation much worse. Lowering rates would give inflation more fuel, potentially adding oxygen to a growing fire. That’s why Fed officials have said they wanted to see more data come in about inflation before moving.
On Thursday, a report will show how bad inflation was at the wholesale level across the United States. Economists expect it to show inflation accelerated a touch to 2.4 per cent in July from 2.3 per cent in June.
AP
The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.
