As markets tumbled due to Trump’s new tariffs, investors turned to fast food for stability. On Thursday, McDonald’s shares rose by 2%, Yum! Brands by 2%, and Restaurant Brands International by 1.4%, while the S&P 500 index dropped nearly 5%.

Analysts say the interest comes from the industry’s lower exposure to imports. Most fast food products are sourced domestically, and imports from Canada and Mexico mostly qualify for USMCA exemptions.

Franchise-based models also help maintain profits during downturns. Unlike chains like Chipotle and Shake Shack — whose shares fell as much as 13% — fast food giants are seen as more resilient.

Still, analysts warn that heavy discounts, like $5 meal deals, could squeeze margins. EY also raised the probability of a recession to 60%, increasing pressure on consumer spending.