Major indices were down by over half a percent today, as investors reacted to negative economic data. In particular, despite the fact that there were 2,000 fewer jobless claims last week than the week before, economists had expected there to be 18,000 fewer claims. In corporate news, Starbucks (SBUX) announced that it will discontinue the use of an extract from an insect known as the cochineal, which it had been applying as food coloring. Morgan Stanley (MS) had a better than expected quarter, with earnings per share 61 percent higher than forecasted.
Word on the Street
- Major indices were down by over half a percent.
- Starbucks (SBUX) will stop using insect extract for food dye.
- Morgan Stanley (MS) beat expectations with their Q1 earnings.
- The next generation of Apple’s (AAPL) iPhone may come out in October.
- The IMF Chief announced that funds would be increased.
- Jobless claims fell by less than expected.