COST and TJX are pulling back from record highs
Retail sales showed a surprise 0.1% gain in August, contributing to today’s broader market tailwinds and boosting Treasury yields. Despite the better-than-expected reading, shares of Target Corp (NYSE:TGT), TJX Companies Inc (NYSE:TJX), and Costco Wholesale Corporation (NASDAQ:COST) were last seen trading well within negative territory.
TGT is down 0.2% to trade at $152.53 at last glance, after the company yesterday announced it will hire 100,000 workers for the holiday season. The equity surged to its highest level since April after gaping to Aug. 5, year-to-date low of $132.42, and just bounced off the 40-day moving average last week. In the last 12 months, TGT has added roughly 28%.
TJX attempted to conquer its Aug. 28, all-time high of $121.12 in the previous session, but ultimately settled below the $120 level. The equity is down 0.5% to trade at $118.98 at last check, but still sports a 27% year-to-date lead and can rely on the 20-day moving average ready to contain any additional losses.
Cooling off from its Sept. 13, record high of $923.83, COST was last seen down 0.5% to trade at $903.23. The 20-day moving average has been guiding COST higher since early August, with the added benefit of a floor at $880. So far in 2024, Costco Wholesale stock has added 36.9%.