Finance News
Stock market experiences a decline as Dow Jones falls. Notable companies such as Adobe, Oracle, Nvidia, and Rivian are among the movers. Additionally, Bitcoin witnesses a drop in its value. Meanwhile, discussions continue regarding the potential sale of TikTok.
Stock market takes a hit with Dow dropping, while Adobe, Oracle, Nvidia, Rivian, and other companies experience movement. Bitcoin also sees a decrease in value, and talks of TikTok sale continue.,
In the current market environment, traders have revised their expectations for interest rate cuts this year. Despite sticky inflation, the labor market remains strong, leading to a more conservative outlook.
As of Friday, market expectations indicate around 2.93 quarter-point cuts by December, based on data from Bloomberg’s overnight index swaps. The CME FedWatch Tool also aligns with this estimate. These projections are consistent with the Federal Reserve’s target range of 4.50% to 4.75% or three 25 basis-point cuts, as outlined in December’s Summary of Economic Projections.
Earlier in the year, traders were more optimistic, predicting nearly six quarter-point rate cuts in 2024, according to OIS data.
Expectations have tempered throughout the first quarter as economic data failed to support the initial enthusiasm. Inflation has exceeded expectations slightly, and the labor market has shown reluctance to implement job cuts despite notable layoff announcements.
FAQ:
Q: What factors are contributing to the revised expectations for interest rate cuts?
A: Sticky inflation and a resilient labor market are the primary factors influencing the more conservative outlook on rate cuts.
Q: How do the current projections compare to earlier forecasts?
A: Traders were previously more optimistic, predicting a higher number of rate cuts before economic data tempered expectations.
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Hooters CEO Sal Melilli joins ‘Fox & Friends’ to discuss plans to return the brand to its roots as a ‘neighborhood restaurant.’
Italian restaurant chain Bertucci’s is closing more locations after filing for bankruptcy again to mitigate losses.
The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.
Bertucci’s also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.
RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION
Italian restaurant chain Bertucci’s has filed for bankruptcy for the third time since 2018. It has also closed seven restaurants to mitigate losses, according to an April 24 bankruptcy filing. (WFXT)
The company cited the “deterioration” of the U.S. economy and “lack of consumer demand for legacy casual-dining brands” as reasons why the restaurant chain has been operating at a loss, according to the filing.
FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS
“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as stated in the bankruptcy documents.
Bertucci’s has assets and liabilities between $10 million and $50 million, according to the filing.
TGI FRIDAYS’ US FOOTPRINT HAS SHRUNK TO 85 RESTAURANTS ACROSS THE COUNTRY
The restaurant chain hopes bankruptcy will provide the business with a “breathing spell” so it can “determine the best path forward and formulate an overall reorganizational plan,” it said in the filing.
In April 2018, Bertucci’s filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.
Bertucci’s previously filed for bankruptcy in 2018 and 2022. (WFXT)
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Bertucci’s did not respond to FOX Business’ request for comment.
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