U.S. stocks closed lower on Tuesday due to a disappointing Home Depot forecast and soft April retail sales, amid concerns over interest rates and debt limit negotiations. Home Depot’s lowered sales outlook and larger-than-expected profit decline led to a 2.15% decline in their stock, impacting both the Dow Industrials and S&P 500. Lowe’s Companies Inc also experienced a 1.16% drop. According to Ken Polcari, managing partner at Kace Capital Advisors, consumer preferences are shifting away from home improvement, favoring experiences and other activities.
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Wall Street Lower on Home Depot Outlook, US Retail Sales
Description
U.S. stocks closed lower on Tuesday due to a disappointing Home Depot forecast and soft April retail sales, amid concerns over interest rates and debt limit negotiations.
Author
Susan Jane
Publisher Name
Reuters
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