Dow sheds nearly 500 points, stocks finish lower on worries of further Fed rate hikes – CNBC

Salesforce hits lowest level since April 2020Stocks finish lower to start the weekStocks finished lower Monday as fears mounted that the Federal Reserve will continue hiking rates.The Dow Jones Industrial Average slid 482.78 points, or 1.4%, to finish at 33,947.10. The S&P 500 shed 1.79% to settle at 3,998.84, while the Nasdaq Composite tumbled 1.93% to close at 11,239.94.— Samantha SubinCostco should have a strong start to the 2023 fiscal year, UBS saysThough investor concerns are mounting over Costco’s ability to match prior sales periods, UBS says the retailer is poised to perform well in the first quarter.”Altogether, we think COST has every right to win this holiday season & beyond,” said UBS analyst Michael Lasser in a note to clients.He said Costco has “solid growth prospects to support premium valuation” and sales should remain solid in the first quarter despite worries over sliding monthly sales. November sales data showed a continued sequential slowdown, with September’s 8.6% growth followed October’s 6.7% and November’s 5.3%.However, the wholesaler said sales improved throughout November, leading Lasser to believe the company could be a winner among late holiday shoppers. He also said sales could stabilize in the first quarter as some headwinds recede. Lasser
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