The stock market closed mixed on Monday to kick off this year’s second quarter. Treasury yields rose as investors assessed Fed Chair Powell’s comment that the U.S. economy remains strong and that inflation is still above target. The benchmark 10-year Treasury yield reached 4.319%, up by 13 basis points.
Overall, S&P 500 declined 0.2% to 5,244, while NASDAQ rose 0.1% to 16,397.
Tweet of the Day
Weekend Review, 3/31: Confirmed Uptrend, 60% to 80% Exposure
Large cap indexes digested the prior week's gains.
Midcap 400 ETF MDY closed at an all-time high.
Russell 2000 closed at a two-year high.
Distributions: 8 – Nasdaq, 6 – S&P 500$SPY $QQQ $MDY $IWM pic.twitter.com/1dIUUEMJ9d
— TML Trader (@TMLTrader) March 31, 2024
Chart of the Day
Here is the one-year chart of Wingstop (WING) as of March 5, 2024, when the stock was at $365.
Wingstop stock has doubled in just six months as investors love what the company has been cooking up. What’s cooking is same-store sales, which clocked in at an impressive 21% last quarter. The company is benefiting from a new relationship with Uber Eats for delivery and the new chicken sandwich with eleven tasty flavors. What differentiates it from other restaurants is it can be dipped in a sauce after frying. Meanwhile, customers like Wingstop’s boneless items, which now make up 47% company sales.
WING is part of the Growth Portfolio. The big picture here is that the company has around 2200 locations now, with a potential of 7000 locations long-term.
