The S&P 500 was set to open slightly higher on Friday following another record high close. The 10-year Treasury yield had decreased after a mild August reading on the Fed’s preferred inflation measure, the PCE price index. As the month of September, historically known as the worst month of the year, neared its end, the S&P 500 was on track for its first September gain in five years.
Investors holding Costco shares saw a slight dip after a strong fiscal 2024 fourth-quarter earnings report on Thursday night. The wholesale retailer’s anticipated membership fee hike, effective from September 1, was projected to have minimal impact until later in fiscal 2025 and into fiscal 2026, according to company executives. Consequently, we adjusted our price target for the stock.
Following a meeting with the management team of the electronics and appliance retailer, Best Buy was included in JPMorgan’s analyst focus list. The analysts, who reaffirmed their $111 price target, identified Best Buy as a “value idea” to capitalize on the computing replacement cycle and the growth in TV and appliance sales as the housing market improves. This aligns closely with the investment thesis of the Club.
