Starbucks shares dip for third consecutive day amid turbulent market
Starbucks Corp (NASDAQ: SBUX).’s shares dipped by 2.16% to close at $93.10 on Thursday, marking a third consecutive day of losses for the company. This performance occurred during a turbulent trading session where the broader market also experienced declines, with the S&P 500 Index dropping by 1.64% to settle at 4,330.00, and the Dow Jones Industrial Average declining by 1.08% to end the day at 34,070.42.
Compared to some of its industry peers, Starbucks’ performance was notably below par on Thursday. Shares of Coca-Cola (NYSE: KO) Co. decreased by 1.54% to close at $57.54, PepsiCo (NASDAQ: PEP) Inc.’s shares fell by 1.68% to finish at $175.38, while McDonald’s Corp (NYSE: MCD).’s shares also dropped by 2.16%, closing at $271.22.
The trading session saw an unusually high volume for Starbucks’ shares, with 6.1 million traded compared to the 50-day average trading volume of 5.9 million.
Looking at the yearly performance, Starbucks’ shares are currently trading $22.38 below their 52-week high of $115.48, achieved on May 1st, 2023.
This report is based on data provided by Dow Jones and FactSet and has been processed using automation technology.