Robinhood - March 2, 2026

McDonald’s big, beefy gamble

The fast food giant’s biggest-ever burger has a premium price...

(McDonald’s)

Presented by

Hey Snackers,

Urban Outfitters, a staple brand of millennials’ indie sleaze aesthetic during the mid-aughts, has been struggling to appeal to younger generations. By its CFO’s own admission in 2024, the brand missed “rapid and seismic shifts” between Gen Z and millennials during the pandemic, leading to 11 consecutive quarters of decline. Over the past year, however, Urban Outfitters’ brands — which includes Anthropologie, Free People, and the fashion rental subscription service Nuuly — seem to have made a comeback, notching four consecutive quarters of sales growth for the first time since 2021.

The S&P 500 and Nasdaq 100 were both down for the day, week, and month while the Russell 2000 was down on the day and week, but gained for the month, as February trading came to a close on Friday. Financials and tech were the worst-performing sectors as rising credit risks weighed on upstart growth companies.

It’s a risk-off tone in markets to start the week after the US launched a series of attacks against Iran starting on Saturday. Oil futures spiked and stock futures dipped on Sunday evening as traders processed the news.

🧠 Give our Snacks Seven Quiz a try. Here’s the first question:

Which area in the US uses ChatGPT the most?
Check your answer.

BIGGER MAC

McDonald’s pivoted to value and won. Now it’s taking a beefy gamble on the Big Arch.

Thirty years ago, McDonald’s released its most infamous and expensive flop, the Arch Deluxe. Marketed as a burger with a “grown-up” taste, it promised culinary transcendence through premium ingredients, years of research and testing, and the then exotic siren scent of dijonnaise sauce. It was a misfire so catastrophic, it’s become material for MBA case studies and corporate cautionary tales. But tomorrow, McDonald’s is launching an eerily similar gambit with the Big Arch.

The timing of the luxe launch is somewhat surprising:

After alienating its core consumer base with the continuation of higher prices from the pandemic, McDonald’s and several other fast-food chains have just begun to see diners returning.
In its last earnings, McDonald’s reported that it had smashed analysts’ expectations at the end of 2025, with same-store sales rising 5.7%.
Anchoring the surges in sales and traffic were discounts, including value-enhanced combo meals priced 15% lower than their individual items. In a rare and controversial move, McDonald’s even helped subsidize the discounts by splitting the costs with franchisees.

But there are some tasty reasons to try something new:

A burger with more meat and less bread than a Big Mac fits naturally within an American consumer culture that’s in a sustained fit of protein-maxxing.
Additionally, quick-service chains like McDonald’s have enjoyed a boost from higher-income diners who are either unfazed by the high cost of fast food or might be trading down from pricier options.
Even as McDonald’s introduced discounts and brought its lower-priced Snack Wrap out of retirement last summer, it acknowledged how the winners in the bifurcated US economy have helped keep its losses from becoming supersized.

THE TAKEAWAY

In many ways, Mickey D’s investment in the Big Arch speaks to its outsized fixture in the world of food. The American monoculture may be on its last legs, but McDonald’s is still McDonald’s. It found success last year by reviving its “Monopoly” promotion and, in December, briefly held the title of the world’s largest seller of socks through a hugely successful Grinch-themed holiday meal promotion. Even as the Big Arch sounds a lot like the same corporate hubris that gave us the Arch Deluxe, anyone witnessing the re-proliferation of cargo pants and digital cameras knows that even the most disastrous elements of the 1990s have the potential to break through in 2026.

Read more

Presented by iShares

Broaden your investment mix with IBIT.

There’s more to the market than stocks and bonds. If you’re looking to get Bitcoin exposure in your brokerage account, consider IBIT from iShares.

IBIT is the world’s largest bitcoin exchange-traded product¹: a cost-effective and convenient way to gain exposure to Bitcoin. IBIT seeks to reflect generally the performance of bitcoin’s price, and can help to reduce the operational, tax and custody complexities of holding bitcoin directly.

As of 1/22/26, IBIT has seen $23.9B 1-year net flows² — and it ranks in the top 10 U.S. ETFs by both trading volumes³ and open interest in options⁴.

With IBIT, you can get bitcoin exposure in one simple trade. The future of investing is here.

Explore IBIT, the iShares Bitcoin Trust ETF, the world’s largest bitcoin ETP.

The iShares Bitcoin Trust ETF is not an investment company registered under the Investment Company Act of 1940, and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940.

ZOOM OUT

Stories we’re obsessed with

Chopping Block: Sure, Jack Dorsey’s Block reported $6.25 billion in Q4 revenue, ahead of expectations, but it was his announcement that the company is cutting 40% of its 10,000-person workforce that really sent the shares skyrocketing. It wasn’t just traders who liked Block joining many other companies tying job cuts to AI, but analysts loved it too, with Morgan Stanley calling it an “audacious move,” though others had a more nuanced view.
Energy drinks are soaring — but Red Bull still flies highest: Last week, energy drink giant Monster Beverage reported net sales of $8.3 billion for 2025 — an all-time high. Fast-growing energy drink brand Celsius also reported some boosted figures, with sales rocketing 86% to $2.5 billion in FY2025. Still, even as rivals shift cans at record rates, these numbers pale in comparison to Red Bull, and it’s not even close.

THE BEST THING WE READ TODAY

The kids AIn’t all right

More US teens are using AI, as 54% of 13- to 17-year-olds reported using chatbots to help with schoolwork in 2025, up from 13% two years ago. But as more teens are turning to chatbots for help researching, editing, problem-solving, and entertainment, they aren’t all entirely optimistic about AI.

See what teens think the impact of AI will be in 20 years.

Snacks shots

⚾️ Baseball: The World Baseball Classic is coming up, and even if a few star players are missing out because of a weird insurance situation, it’s bound to be some of the most exciting early baseball of 2026. Prediction markets* have the United States as the team to beat, with a 51% chance of coming out ahead, but don’t sleep on Japan (22%) or the Dominican Republic (18%).
📺 Warner Bros.: The news that Netflix pulled out of the bidding for Warner Bros. Discovery sent Paramount’s chances of owning the company rocketing up from 56% all the way to 89%. Eagle-eyed investors may observe that is decisively not 100%; the 11% balance is in favor of nobody winning Warner, with the deal presumably blocked at some level. If the offer succeeds, a company losing $573 million a quarter will get to buy the company losing $252 million a quarter for $111 billion, and what could possibly go wrong?

*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.

What else we're Snackin'

Tired of not having internet access on your air taxi flights? Archer Aviation plans to fix that by teaming up with SpaceX’s Starlink
Meta has reportedly struck a multibillion-dollar AI chip deal with Google as it struggles to design its own
OpenAI secured a blockbuster $110 billion funding round valuing the company at $730 billion

Snack Fact of the Day

Rolls-Royce just had its best year in company history.

This Week

Monday: February ISM Manufacturing PMI. Earnings expected from MongoDB, Plug Power, and Archer Aviation
Tuesday: Earnings expected from Target, Best Buy, AutoZone, CrowdStrike, GitLab, and Ross
Wednesday: February ADP Nonfarm Employment Change, February ISM Services PMI. Earnings expected from Broadcom, Rigetti Computing, Abercrombie & Fitch, Veeva, Okta, Webull, American Eagle Outfitters, and Cracker Barrel
Thursday: Earnings expected from Ciena, JD.com, Kroger, Victoria’s Secret, Costco, and Marvell Technology
Friday: February jobs report

Advertiser's disclosures:

^{1, 2, 3} Source: ETFDb.com. Data as of Jan 22 2026.

⁴ Source: OptionCharts, “Highest Open Interest ETF Options.” Data as of Jan 26 2026.

This information must be accompanied or preceded by a current iShares Bitcoin Trust ETF prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing. The iShares Bitcoin Trust ETF is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.

Investing involves a high degree of risk, including possible loss of principal. An investment in the Trust is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment in Shares should be considered only by persons who can bear the risk of total loss associated with an investment in the Trust.

Investing in digital assets involves significant risks due to their extreme price volatility and the potential for loss, theft, or compromise of private keys. The value of the shares is closely tied to acceptance, industry developments, and governance changes, making them susceptible to market sentiment. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on their acceptance. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s ability to grow and respond to challenges Investing in the Trust comes with risks that could impact the Trust's share value, including large-scale sales by major investors, security threats like breaches and hacking, negative sentiment among speculators, and competition from central bank digital currencies and financial initiatives using blockchain technology. A disruption of the internet or a digital asset network would affect the ability to transfer digital assets and, consequently, would impact their value. There can be no assurance that security procedures designed to protect the Trust’s assets will actually work as designed or prove to be successful in safeguarding the Trust’s assets against all possible sources of theft, loss or damage.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

Shares of the Trust are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”). BlackRock Investments, LLC ("BRIL"), assists in the promotion of the Trust. The Sponsor and BRIL are affiliates of BlackRock, Inc.

BlackRock is not affiliated with Sherwood.

BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

MKTG0226-5150027-EXP0227

Was this email forwarded to you? Don’t miss out on future stories — subscribe to Snacks and get your daily dose of financial news straight to your inbox.

Craving more insights in your inbox? Subscribe to Chartr and The Wrap for quality reads.

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more

SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025