The market is looking pretty bleak in New York today, with all three major markets coming in low. The Dow Jones fell over 500 points and 1.25% to close at 30,223.89. The S&P 500 fell 1.48% to close at 3,700.65 and the NASDAQ fell 1.47% to close at 12,698.45. On the other hand, STOXX Europe rose 0.72% to close at 401.92.
McDonald’s is looking to build up their customer base in the only way they know how, by rolling out some new product offerings. The company is set to roll out three new chicken sandwiches this year and they’re hoping this will reverse the trend of falling sales that started back in 2019 and has continued up until the pandemic.
McDonald’s isn’t the only company looking to change up its menu and improve sales. Chipotle is also working on something new and switching to healthier options while they’re at it. They’re adding cauliflower cilantro-lime rice to their menu as a trial run, though it’s expected to be an upcharge. They’re hoping this will continue to draw in vegan and vegetarian diners and improve their market share.
As we venture into yet another new year there’s some concern about inflation and equity correction. Equity markets hit their highs at the close of 2020, and investors are starting to look elsewhere for returns. It’s not so pessimistic as all this, however, with most of the equity market rise expected to happen within the first half of the year.
Electric vehicles are also performing well, especially over the holiday weekend. The expectation is that things will only continue to improve. “China remains a greenfield EV market opportunity as we believe overall EV sales can potentially double in the region over the next few years given the pent-up demand for EV vehicles across all price points,” notes analyst Dan Ives. Not all of the news is positive, however. With some companies like QuantumScape, XL Fleet and Canoo showing decreases rather than the improvements of Li Auto, Nio, XPeng and Electrameccanica.
Crude oil fell by 2.35% today, closing at $47.28 per barrel with West Texas Intermediate. Gold prices rose today however, coming in up 2.59% at $1,942.75 per ounce. On this, the first day of trading since the new year, the treasury yield came in at 0.93 for the 10 year yield and 1.66 for the 30 year yield.