Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, February 27.
Related: Wendy’s is planning a major price change, and customers aren’t happy
Full Video Transcript Below:
REMY BLAIRE: I'm Remy Blaire - reporting from the New York Stock Exchange.
Stocks were mixed to close out today's session. The Dow closed down 96 points, the Nasdaq closed three tenths of a percent higher, and the S&P closed fractionally higher. This comes as investors react to the latest consumer confidence data…the index fell in February, marking the first decline since November.
Traders are also assessing the latest batch of earnings with companies like Macy’s, Lowe's, and Zoom releasing results. Later this week, Wall Street is looking ahead to key economic data with PCE, the Fed’s preferred inflation gauge, expected Thursday, and an array of Fed speakers Friday.
In other news, Wendy’s is taking a page out of Uber’s playbook and will be testing “dynamic pricing” in 2025. The chain announced that starting next year, menu prices will change throughout the day, with some items becoming more expensive during busy periods. Wendy’s also said customers may find lower prices during quieter parts of the day.
In its recent earnings call, Wendy’s CEO Kirk Tanner also announced the company will invest $20 million to add new digital menu boards in restaurants, as well as $15 million to upgrade its app. On the call, Tanner said, "We expect our digital menu boards will drive immediate benefits to order accuracy, improve crew experience, and sales growth from upselling and consistent merchandising execution."
The updates will allow locations to change posted prices on the fly to keep up with dynamic pricing. The company says it expects digital order sales to top $2 billion in 2024.
Dynamic pricing is commonly used by companies like Uber and Ticketmaster. The companies use algorithms that change constantly to set prices based on demand at the time.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
