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US stock market report – Costco beats expectations, inflation continues

US markets closed out their fourth straight month of gains, with the Dow Jones moving 0.2% higher and both the S&P 500 and Nasdaq gaining 0.1% each on Friday.

This took the weekly results to 0.9%, 1.2% and 2.1% respectively, with the market closed for Memorial Day on Monday.

Inflation continues

Investors seem to be looking through inflation data and once again trusting the Federal Reserve.

The Personal Consumption Expenditure index, which is relied upon by policymakers as a real gauge of inflation, has jumped 3.1% over the last 12 months.

However, given the majority of these prices increases are due to the disruption of supply chains across the world and the resultant shortage, it seems appropriate to look beyond the short-term.

Until businesses are forced to pay higher wages and the economy reaches full employment, inflation will likely remain muted.

Meme stocks back in vogue

The Russell 2000 index continued to deliver, with the smaller company benchmark delivering an eighth straight month of gains with the ‘meme’ stocks contributing once again.

Costco earnings

Shares in Costco (NYSE: COST) fell despite beating expectations to deliver a 21.5% increase in quarterly revenue to US$45 billion; incredible growth from a fairly basic business model.

Comparable sales, removing more volatile fuel sales, were 15% higher whilst e-commerce and online sales continued to lead the way, jumping 38%.

US stock market movers

Here’s how other popular US stocks closed out the week on Friday.

ASX 200 today

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to edge higher at the open on Monday. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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