The stock market finished higher on Tuesday, with S&P 500 and NASDAQ reaching new closing records. Federal Reserve Chair Jerome Powell said that inflation is cooling, but the central bank may need more evidence to cut interest rates.
Overall, S&P 500 was up 0.6% to 5,509, while NASDAQ increased 0.8% to 18,029.
Tweet of the Day
I've had Floor & Decor in my Growth Portfolio for years. The numbers aren't good right now due to a slow housing market. $FND stock is doing well tho. https://t.co/518VABMEvl
— David Sharek (@GrowthStockGuy) July 1, 2024
Chart of the Day
Here is the one-year chart of Wingstop (WING) as of May 28, 2024, when the stock was at $390.
Wingstop whipped profit estimates last quarter as profit growth came in 3x higher than expected. Year-over-year profits grew 66% and blew past estimates of 22%. The reason for the surprise profit was domestic same-store sales surged 22%, driven almost entirely by more transactions. U.S. stores are now doing $1.92 million in sales per year, up from $1.66 million a year ago. Last quarter also marked a record high for new guest acquisition as Digital sales dominated, accounting for 68% of total sales, and the digital database swelled to over 40 million users.
WING is part of the Growth Portfolio. The big picture here is that the company has now more than 2.200 locations, with a potential of 7,000 locations in the long run.
