Costco profit, revenue top estimates
Costco hares traded 3% lower in premarket trading as operating expenses rose due to higher labor and freight costs.
The big-box retailer beat Wall Street revenue and profit estimates.
Fiscal fourth total revenue rose 15% to $72.10 billion. The analysts’ average estimate was $72.04 billion.
Comparable sales grew 13.7%, with e-commerce up 7.1%. U.S. sales were 15.8%.
Gasoline price continues to climb
The average price of a gallon of gasoline gained again on Friday to $3.689, according to AAA. Thursday’s price was $3.684, rising for the third day in a row after nearly 100 days of declines.
Gas hit a high of $5.016 on June 14.
Diesel’s price slipped to $4.911 per gallon.
Oil falls on recession fears
Oil prices fell Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns.
West Texas Intermediate (WTI) crude futures were trading around $83.00.
Brent crude futures traded around $89.00 per barrel.
For the week the contracts for TWI and Brent were down 2.3% and 1.5% respectively.
Central banks around the world raised interest rates this week, raising the risk of economic slowdowns.
Bitcoin, Ethereum and Dogecoin trade mixed Friday morning
Bitcoin was trading at around $19,000, after snapping a four-day losing streak.
For the week, Bitcoin was lower by more than 1%. For the month, the cryptocurrency is down more than 4%.
Bitcoin is down more than 58% year-to-date.
Ethereum was trading at $1,300, after losing 10% in the past week.
Dogecoin was trading at 6 cents, gaining just over 1% in the past week.