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STOCK MARKET NEWS: Futures add to declines, oil's losing week

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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.