TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why you Costco membership is now more expensive.
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00:00I'm Caroline Woods reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:04It was a rough first trading day of the month with the Dow, Nasdaq and S&P all finishing
00:09in the red.
00:10New economic slowdown fears stoked the sell-off as the manufacturing sector showed signs of
00:15weakness in August.
00:17Investors are also looking ahead to Wednesday's Jolts report as well as the release of the
00:21Federal Reserve's Beige Book.
00:23In other news, Costco has officially hiked its membership price for the first time in
00:28seven years.
00:29Back in July, the wholesale retailer said it would increase the membership fees for
00:33three of its plans, Gold Star, Business and Business Add-on, and now Costco has increased
00:38a fourth, its executive membership.
00:40The membership fees have increased by $5 to $65, depending on your plan.
00:46Costco says 52 million memberships will be impacted by the price increases, with more
00:50than 50 percent of them coming from its executive tier.
00:53In 2023, the company brought in $4.6 billion in revenue from membership fees, an 8 percent
00:59increase from 2022.
01:01But the price hikes aren't Costco's only big change.
01:04It continues to crack down on membership sharing as well.
01:07Shoppers are now required to scan their membership card as they enter the store and have been
01:11encouraged to use a card with their photo on it.
01:14Costco now also requires all non-members to be accompanied by someone with a membership,
01:19making it more difficult to share cards amongst family and friends.
01:23That'll do it for your daily briefing.
01:25I'm Caroline Woods with The Street.