Despite inflation, restaurants are expecting to see a growing number of delivery and takeout orders for food and alcohol this year. The National Restaurant Association says the industry might reach $997 billion in sales - with a significant portion of that money linked to rising menu prices. The association says many restaurants are turning delivery- and takeout-focused "pandemic pivots" into "permanent" business additions. And 40% of restaurant operators believe drive-thru lanes will "become more common in 2023".
Oil prices are extending losses on worries about a potential oversupply, after Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve may take several years. She told lawmakers it would be difficult to take advantage of the low prices this year to add to stockpiles. Crude trading around $69 a barrel this morning.
Futures are down after stocks closed higher yesterday. The Dow Industrials added 75, the NASDAQ rose 117 and the S&P 500 was up 11.