NYC vaccination mandate sends restaurant, gym stocks lower
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New York City's new vaccination mandate is sending restaurant and gym stocks lower. Shares of Shake Shack (SHAK), Starbucks (SBUX), McDonalds (MCD) and Planet Fitness (PLNT) all dipped following news that the Big Apple will require proof of vaccination in order to eat inside or use indoor work-out facilities.
Both workers and customers will need to show vax ID cards in order to enter restaurants or fitness facilities. “If you want to participate in our society fully, you’ve got to get vaccinated,” Mayor Bill de Blasio said during a press conference. “It’s time.”
“The only way to patronize these establishments is if you are vaccinated, at least one dose. The same for folks in terms of work, they will need at least one dose,” he added. “It’s time for people to see vaccination as literally necessary to living a good and full and healthy life,”
Some businesses have already taken their own vaccination initiatives. This week the owner of Equinox gyms and SoulCycle studios announced it will mandate all employees and members to show proof of jabs starting in September.
And major companies have been announcing requirements for workers to be vaccinated prior to returning to the office. Disney (DIS) Microsoft (MSFT), Alphabet (GOOGL) and Walmart (WMT) recently announced such mandates.
Fears of the COVID-19 Delta variant have delayed some plans for full office re-openings. Microsoft announced a full re-opening of the company's US work sites will take place no sooner than October 4th.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre
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