"War in Iran resulted in recession-level industry decline in the U.S. as consumer confidence collapsed in late February and March," the company said.
PepsiCo reported mixed second-quarter results, with strong international demand offsetting struggles in its North American food and beverage divisions. CEO Ramon Laguarta cited tightening consumer budgets due to inflation as a key factor impacting domestic performance.
Gas prices may increase as President Trump signals the end of a U.S.-Iran ceasefire, potentially pushing the national average towards $4 a gallon. Financial planners advise drivers to review budgets and cut discretionary spending.
Luxshare Precision Industry, a major Apple supplier, saw its shares end lower on their Hong Kong trading debut Thursday, despite raising $3.09 billion in its IPO, the largest this year. The stock closed down 1.55% after opening lower.
South Korea's Kospi stock index has fallen into bear market territory, down over 20% from its record high, due to global investor skepticism about AI plays and extreme market concentration in chipmakers Samsung Electronics and SK Hynix.
AstraZeneca's stock dropped nearly 9% after its experimental heart disease drug, Wainua, failed to meet its primary target in a late-stage clinical trial. The drug, intended for transthyretin-mediated amyloid cardiomyopathy (ATTR-CM), did not significantly reduce deaths or heart emergencies compared to a placebo.
Luxshare Precision Industry's shares dropped over 5% in their Hong Kong trading debut Thursday, following its $3.09 billion IPO, the largest this year. The Apple supplier, already listed in Shenzhen, priced shares at HK$63.28, with the stock trading at HK$60 early on.
