The Dow Jones Industrial Average fell Thursday morning after a surprise jump in the Labor Department’s weekly first-time jobless claims. Meanwhile, membership warehouse retailer Costco (COST) slid more than 3% after reporting its first monthly same-store sales drop in nearly three years.
Early Thursday, initial unemployment claims jumped to 228,000. Economists expected a slight rise to 201,000, compared with 198,000 in the previous week.Late Wednesday, Costco said global same-store sales fell 1.1% in March. The last time those sales fell was in April 2020. Costco said U.S. same-store sales fell 1.5% in March, and there was a 2.4% decrease in Canada. Internationally, those sales rose 2%. E-commerce comparable sales slid 12.7%.
Source : Surprise Jump in Jobless Claims Causes Dow Jones to Fall; Costco’s Sales Drop