Why Costco Stock Was Slipping Today
Shares of Costco Wholesale (NASDAQ: COST) were falling today in response to a weak retail sales report this morning and as the broad market reacted to the Federal Reserve interest rate hike yesterday, as well as rate hikes from the Bank of England and the European Central Bank this morning.
Though there was no company-specific news on Costco today, the larger news items add to fears about a global recession next year as central banks continue to raise rates to reel in inflation and slow down economic growth.
As of 12:42 p.m. ET, Costco stock was down 3.7% on the news, while the S&P 500 had lost 2.5%.
Source Fool.com
