Key Points
Investors are approaching September with caution, historically the worst month for stock performance, as concerns about higher inflation and tech spending on AI may pressure the S&P 500 following its more than three-year climb. Recent gains in September have varied, with last year at 3.5% and the year before at 2%.
Key retailers, including Costco with a membership renewal rate above 90%, Amazon boasting an annual revenue run rate of $169 billion from Amazon Web Services (AWS), and Target reporting a revenue increase of over 5% to more than $26 billion, are positioned for resilience amid economic pressures. Costco and Target’s stock valuations stand at 15x and 20x forward earnings estimates, making them attractive buys.
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