Why Costco Stock Was Slipping Today
Shares of Costco (NASDAQ: COST) were heading lower today, even as the broad market jumped, overcoming an initial sell-off on a hotter-than-expected September jobs report this morning. The culprit sending Costco shares lower today seemed to be the same one that hit Coca-Cola and Pepsico yesterday.
Investors are fearful that weight-loss drugs like Ozempic are impacting grocery sales. In fact, a Walmart exec told Bloomberg that it was starting to notice an impact from the drugs in an interview published yesterday.
As of 11:49 a.m. ET, Costco was down 3.1%, while Walmart had fallen 3.2% at the same time, and other consumer staples stocks were down, as well.
Source Fool.com
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