The stock market rose on Friday after a better-than-expected August jobs report. The Labor Department reported that 187,000 jobs were added last month. In addition, unemployment rate increased from 3.5% to 3.8%, the highest level since February 2022.
Overall, S&P 500 was higher 0.2% to 4,516, while NASDAQ closed flat at 14,032.
Tweet of the Day
Current unrealized losses in the US banking system is -$1.8 trillion out of only $2.2 trillion capital
With corporate taxes due Sep 15 & possible gov shutdown Oct 2, the general public has no idea the banks are already insolvent entering a nightmare liquidity scenario in October https://t.co/aS0GoAomoI pic.twitter.com/rNttNxd7jB
— Financelot (@FinanceLancelot) August 29, 2023
Chart of the Day
Here is the ten-year chart of Starbucks (SBUX) as of August 23, 2023, when the stock was at $95.
Starbucks sells handcrafted coffee, tea, and other beverages and food items through company-operated stores and licensed stores. It also offers packaged coffee, tea, and ready-to-drink beverages in grocery stores. In Fiscal 2022, Starbucks had around 36,000 stores in operation in 83 countries. The company is evolving its food and beverage mix, with cold brew coffees and food taking center stage.
Starbucks is thriving as the company sees strong demand for cold beverages. These are playing a significant role in the stores operations, constituting 75% of US beverage sales last quarter, with cold espresso beverages experiencing a notable 13% year-over-year sales increase. Aside from cold drinks, the company is executing very well overall. Innovative additions like the Mansterna 2 espresso machines, Clover Vertica coffee brewer, new warming ovens, and cold foam blenders are making rush hours and labor costs more efficient. These helped profits rise 19% last quarter while revenue grew just 12%.
SBUX is part of the Conservative Growth Portfolio.
