Stock futures point to a higher opening

<p>The US stock futures are implying a higher opening for the major indices after sharp declines yesterday. Nevertheless, the major broader indices (S&amp;P and NASDAQ) are on pace for their worst month since December 2022. </p><p>Looking at the futures, they are implying:</p><ul><li>Dow Industrial Average up 115 points after yesterday's -388 point decline</li><li>S&amp;P index up 19 points after yesterday's -63.91 decline</li><li>NASDAQ index up 66 points after yesterday's -207.71 decline</li></ul><p>Costco reported quarterly earnings after the close and they surpassed Wall Street expectations, driven by increased grocery sales but offset by reduced purchases of big-ticket items. </p><p>Traffic to stores increased, but the average transaction amount dropped. </p><ul><li>Earnings per share were $4.86 versus $4.79 expected, </li><li>Revenue at $78.9 billion versus a 77.9 billion expected. </li><li>The company’s net income rose to $2.2 billion. </li></ul><p>Costco’s membership grew, especially in the higher-tier Executive Membership. E-commerce sales declined due to reduced purchases of big-ticket items, but grocery sales remained strong. U.S. sales trends have slowed, and investors are anticipating a membership fee increase. Costco plans to open 10 new stores in the next three months. The company’s stock has outperformed the S&amp;P 500, rising about 21% this year.</p><p>Despite all the good news, Costco shares are trading at $543 down $9.93 or -1.8% in premarket trading. The high for the year reached $571.16 back on July 27. The high price last week reached $569.22 before rotating to the downside.</p><p>Yesterday the FTC announced that they were suing Amazon alleging a legal monopoly power. Amazon shares fell -4.05% to $125.92. Shares today in premarket are trading at $126.05 up 13% or 0.10%.</p><p>Other big Stocks today are showing:</p><ul><li>Alphabet shares fell -1.94% yesterday. There shares are trading up 0.39% at $129.07 in premarket trading</li><li>Nvidia closed at $419.11 down -0.74% yesterday. It is shares are currently trading up $3.72 or 0.89% at $422.83</li><li>Apple fell 2.37% to $171.84. It is currently trading up $0.91 or 0.53% lead $172.75</li><li>Microsoft fell -1.7% to $312.14. It is currently trading at $1.42 or 0.45% at $313.56</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.