The Nasdaq 100 rose 10 points, or 0.09%. Dow Jones Industrial Average futures rose 41 points, or 0.14%. S&P 500 futures rose 4 points, or 0.11%. Costco stock fell about 2.6% in extended trading. Although the retailer posted fiscal fourth-quarter earnings and profits that beat analysts’ expectations, it is seeing higher freight and labor costs. Thursday brought another day of losses as the market remains poised to close the week below where it started. The Nasdaq Composite fell 1.4% to 11,066.81. The S&P 500 fell 0.8% to 3,757.99, while the Dow Jones Industrial Average ended the day 107.10 points lower at 30,076.68, a loss of 0.3%. With the latest pullback, the Dow is down about 2.4% this week. Both the S&P and Nasdaq fell slightly more sharply, down 3% and 3.3%, respectively, for the week to date. Bond yields also continued their upward climb, with the 2-year and 10-year notes hitting highs not seen in more than a decade. Industrials, consumer discretionary, growth technology and semiconductors were all hit amid fears of slowing growth in the economy. Meanwhile, defensive stocks outperformed. “You just have this volatility that nobody seems to be able to get their head around,” said Tim Lesko, senior wealth adviser at Mariner Wealth Advisors. Lesko said more investors are beginning to accept that a recession may be on the horizon after the Fed’s decision this week to raise interest rates by 75 basis points, and FedEx CEO Raj Subramaniam told CNBC last week that he believed one such was imminent. Once that happens, Lesko said investors will react differently. “At some point, they’re going to understand that a recession isn’t the end of the world and they’re going to start being bullish on stocks again,” he said. “But right now, we’re acting like the sky is falling.”
