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Shares of Wingstop Soar Following IPO; Oil Settles Below $60 as Stocks Are Mixed for the Week

July 8, 2023
in Trade Tube
Reading Time: 1 min read
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It was a rough day on Wall Street Friday. All three major indexes closed lower. The Dow Jones Industrial Average fell 0.78 percent, the S&P 500 lost 0.70 percent, while the Nasdaq dropped 0.62 percent. Stocks fell amid Greece’s ongoing debt woes, as negotiations between the struggling nation and the International Monetary Fund went nowhere. And after flirting with $60 per barrel all day, crude oil settled at $59.96. Meanwhile, shares of chicken wing restaurant chain Wingstop (WING) debuted as a publicly traded company on the Nasdaq. The stock was priced at $19, but shares soon soared, ended the trading day up 61 percent, valuing the company at $873 million. Plus, Twitter (TWTR) gave up most of its gains stemming from the departure of its CEO Dick Costolo. The social media giant rose just a tenth of one percent on Friday. As for next week, investors will be keeping a close eye as the Federal Reserve’s June meeting begins on Tuesday. Economists don’t expect the central banks to announce a rate hike during the meeting. TheStreet’s Scott Gamm reports from New York.

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