• HEDGEYE’S MARKET BRIEF
    Our FREE Investing Newsletter
    Get Exclusive Summer Sale Discounts

    By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. All Hedgeye products and services are subject to Hedgeye’s Terms of Service available at www.hedgeye.com/terms_of_service

Yesterday, stocks suffered their biggest one-day decline since July 2nd.   The RECOVERY theme was delivered a blow from a disappointing data point from the manufacturing sector.  More importantly, a larger-than-expected jump in initial jobless claims, created some concern about the release of September nonfarm payrolls due out shortly.  I would also note that RISK MEASURES were elevated yesterday, with the VIX +10.4%, its biggest one-day spike since September 1st.

Surprisingly the Consumer Discretionary (XLY) slightly outperformed the S&P 500, despite the jump in initial claims.  The RESTAURANTS underperformed the S&P 500 with Full Service (FSR) getting hit the hardest, declining 4.1%.  Overall, the decline in the restaurant stocks was on very light volume.

RESTAURANTS TODAY - qsr

RESTAURANTS TODAY - fsr