The stock market slid on Thursday as investors were worries over the Federal Reserve’s hawkish stance. Although the central bank kept rates steady, it warned that there might be another rate hike before the end of 2023.
Overall, S&P 500 dropped 1.6% to 4,330, while NASDAQ slid 1.8% to 13,224.
Tweet of the Day
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Chart of the Day
Here is the ten-year chart of Home Depot (HD) as of September 6, 2023, when the stock was at $326.
Home Depot is the world’s largest home improvement retailer, which offers building materials, home improvement products, lawn and garden items, and home improvement installation services. The company does an amazing job growing, while the store count stays consistent.
Home Depot faced challenges last quarter due to factors such as lumber deflation and the impact of theft-related losses, resulting in an 8% profit decline and a 2% drop in revenue. Management stated framing lumber was approximately $420 per 1,000 board feet compared to approximately $715 in the second quarter of 2022, representing a decrease of over 40%. Although the average ticket showed slight growth, there was a 2% decrease in transaction volume. Despite these challenges, Home Depot made an acquisition of Redi Carpet, which extends its product offerings in the multifamily customer vertical with 34 locations located throughout the U.S.
HD used to be in the Conservative Growth Portfolio.
