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Caroline Woods: I’m Caroline Woods reporting from the New York Stock Exchange – here’s what we’re watching on TheStreet today.
It was a rough first trading day of the month, with the Dow, S&P 500, and Nasdaq all finishing in the red. New economic slowdown fears stoked the sell-off, as the manufacturing sector showed signs of weakness in August.
Investors are looking ahead to Wednesday’s JOLTS report, as well as the release of the Federal Reserve’s Beige Book.
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In other news – Costco has officially hiked its membership price for the first time in 7 years. Back in July, the wholesale retailer said it would increase the membership fees for three of its plans – Gold Star, Business, and Business Add-on. And now Costco has increased a fourth – it’s Executive membership. The membership fees have increased by $5 to $65, depending on your plan.
Costco says 52 million memberships will be impacted by the price increases, with more than 50% of them coming from its Executive tier.
In 2023, the company brought in $4.6 billion in revenue from membership fees, an 8% increase from 2022. But the price hikes aren’t Costco’s only big change – it continues to crack down on membership sharing. Shoppers are now required to scan their membership card as they enter the store and have been encouraged to use a card with their photo on it.
Costco now also requires all non-members to be accompanied by someone with a membership, making it more difficult to share cards amongst family and friends.
That’ll do it for your Daily Briefing – I’m Caroline Woods with TheStreet.
