Figs, E.W. Scripps, MGM Resorts, European Wax Center, and WillScot Mobile Mini Shares Are Falling, What You Need To Know

What Happened?

A number of stocks fell in the afternoon session after Federal Reserve Chair Jerome Powell signaled a cautious stance on future monetary policy decisions during a speech in Chicago, emphasizing that trade tariffs could add upward pressure to inflation in the short term and complicate the Fed's efforts to stabilize the economy. He warned that such trade measures are "likely to move us further away from our goals," referring to the Fed's dual mandate of price stability and maximum employment.

The comments did little to improve sentiment, as major indices were already in the negative territory in the morning session after Nvidia announced it might be unable to sell some high-end chips (including the H20 chips) to China due to export controls and requirements from the Trump administration. As a result, the company planned to take a $5.5 billion charge due to inventory writedowns and canceled sales. Adding to the sector's pressure, chip tool maker ASML posted weak bookings (a key demand indicator) which fell below Wall Street's expectations, noting that tariffs had made the industry's outlook more uncertain.

Taken together, these updates likely fueled investor anxiety, amplifying concerns about global trade tensions, tech sector vulnerability, and the Fed's limited room to maneuver in an increasingly uncertain macro environment.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, following stocks were impacted:

Apparel and Accessories company Figs (NYSE:FIGS) fell 6%. Is now the time to buy Figs? Access our full analysis report here, it’s free. Broadcasting company E.W. Scripps (NASDAQ:SSP) fell 6.8%. Is now the time to buy E.W. Scripps? Access our full analysis report here, it’s free. Casino Operator company MGM Resorts (NYSE:MGM) fell 5.3%. Is now the time to buy MGM Resorts? Access our full analysis report here, it’s free. Leisure Facilities company European Wax Center (NASDAQ:EWCZ) fell 5%. Is now the time to buy European Wax Center? Access our full analysis report here, it’s free. Construction and Maintenance Services company WillScot Mobile Mini (NASDAQ:WSC) fell 5.1%. Is now the time to buy WillScot Mobile Mini? Access our full analysis report here, it’s free.

Zooming In On E.W. Scripps (SSP)

E.W. Scripps’s shares are extremely volatile and have had 90 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Story Continues

The biggest move we wrote about over the last year was 7 months ago when the stock gained 24.1% on the news that the company announced that it would end its 24/7 national news broadcast service after November 15, 2024, due to challenges hitting its revenue target from linear television. Moving on, the business was to focus on digital and streaming platforms. While the move means SSP will scale back its reach in the short term (with over 200 job cuts expected), the stock's reaction suggested the market approved of the decision to capitalize on more promising growth opportunities.

E.W. Scripps is down 15.9% since the beginning of the year, and at $2.12 per share, it is trading 54.1% below its 52-week high of $4.62 from May 2024. Investors who bought $1,000 worth of E.W. Scripps’s shares 5 years ago would now be looking at an investment worth $350.99.

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