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Hershey Co. produces and markets chocolate and other confections, as well as chocolate-related grocery products. Its major brands include Hershey's, Jolly Rancher, Kit Kat, Heath, Twizzlers, Reese's, Ice Breakers, and SkinnyPop. Hershey has expanded into new categories and markets in recent years with the acquisitions of Brookside, Ripple Brand Collective, and Amplify Snack Brands. The company's largest shareholder is the Hershey Trust Company, which owns approximately 22% of the shares outstanding and is entitled to cast approximately 79% of all votes. The company had approximately 19,595 employees as of the end of 2025. HSY shares are a component of the S&P 500.

The Supreme Court has struck down a large portion of the tariffs that are a key element of President Trump's economic agenda. By a six-to-three majority, the court ruled that the law cited by the administration to levy trade duties 'does not authorize the president to impose tariffs.' Many, though not all, tariffs during the second Trump administration have been imposed under the International Emergency Economic Powers Act (IEEPA). The IEEPA, which makes no mention of tariffs, gives the president the power to regulate imports of foreign property but only after declaration of a national emergency to deal with tangible threats. The administration's use of IEEPA was considered unconventional. The court's ruling relates to reciprocal tariffs as well as those imposed to impede illegal drug flows. The stock market so far has had a guardedly optimistic response to the ruling. Meanwhile, fourth-quarter GDP data, also released today, highlighted the impacts of the government shutdown; but some economists also noted the potential impact of tariffs on government and business spending. The administration may look to work around the ruling by enlisting help from Congress. In the intermediate term, the uncertain future of tariff policy may overhang the market.

Kenvue is the world’s largest pure-play consumer health company by sales, generating over $15 billion in annual revenue. Formerly known as Johnson & Johnson’s consumer segment, Kenvue spun off and went public in May 2023. It operates in a variety of categories within consumer health, such as cough, cold and allergy care, pain management, face and body care, and oral care, as well as women’s health. Its portfolio has some of the most well-known brands in the space, including Tylenol, Listerine, Johnson’s, Aveeno, and Neutrogena. Kenvue announced November 2025 that it signed a deal to be fully acquired by Kimberly-Clark with the deal expected to close during the second half of 2026.

According to the advance estimate released today by the Bureau of Economic Analysis, U.S. Gross Domestic Product (GDP) rose in the fourth quarter at an annualized rate of 1.4%. That's below the 3.0% consensus and a deceleration from 4.4% growth in the third quarter. The BEA said that the full effects of the government shutdown cannot be quantified, but the reduction in federal services subtracted about 1 percentage point from GDP. Our estimate was for a 4Q increase of 3.1%. For the year, GDP increased 2.2%, down from 2.8% in 2024. Real final sales to private domestic purchasers, which focuses on core consumer spending and business investment, was up 2.4% versus 2.9% in 3Q. Spending by consumers rose 2.4% in 4Q, a slowdown from the 3.5% increase in 3Q. Within goods, non-durables were up 0.4%. Durables were down 0.9%, after a 1.6% increase in 3Q. There was a drag from motor vehicles and parts. The huge services category was up a solid 3.4% following an increase of 3.6% in 3Q. The category added about 1.6 points of growth, with a solid contribution from healthcare. Private investment grew 3.8%. Both residential and non-residential construction were weak. Spending on artificial intelligence continued to be an important driver of growth. Intellectual property products grew 7.4%. Imports decreased 1.3%. Net exports of goods and service (the trade balance), raised 3Q GDP by 0.08 percentage points. Government consumption and investment declined 5.1%. The federal government was down 16.6%, with national defense off 10.8%. Non-defense was down 24.1%, State and local government was up 2.4%. The report also contains data on inflation, which remained elevated. The PCE Price Index increased 2.9% in the fourth quarter. Excluding food and energy, the index increased 2.7%. After the report, futures on the S&P 500 were down slightly. The yield on the 10-year Treasury note was up two basis points to 4.08%. Based on futures trading, the probability that the Fed will cut the funds target to 3.25% to 3.50% at the conclusion of its meeting on March 18 was unchanged at 6% after this morning's release.