Starbucks, Chipotle and Yum China lead big day for restaurant stocks
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Restaurant stocks broke sharply higher on Wednesday as investors turned more positive on hopes that a compromise will be worked out between Russia and Ukraine to halt some of the disruption in the commodities market.
While chains like McDonald's (MCD
-0.1%), Papa John's International (PZZA
+4.5%) and Starbucks (SBUX
+4.0%) have halted operations in Russia - a bigger sector-wide threat has been the rise in commodity prices that followed Russia's invasion of Ukraine, as well as concerns of an economic downturn if oil prices stay high.
Gainers in the sector included Dave & Buster's Entertainment (PLAY
+7.4%), Cheesecake Factory (CAKE
+7.6%), Yum China (YUMC
+7.2%), Dutch Bros. (BROS
+8.6%), Chipotle (CMG
+7.2%), Bloomin' Brands (BLMN
+6.0%), Shake Shack (SHAK
+6.2%), Potbelly (PBPB
+6.4%), Sweetgreen (SG
+5.2%), Carrols Restaurant Group (TAST
+4.7%), Texas Roadhouse (TXRH
+5.1%), Chuy's Holdings (CHUY
+4.9%) and Noodles (NDLS
+4.1%).
Broad market update: Nasdaq, S&P 500, Dow Jones extend gains, oil plunges 10% on hopes of Ukraine compromise