Home Depot Shares Are Trading Lower: What You Need To Know
Portfolio Pulse from Vaishali Prayag
Home Depot shares are trading lower due to an unexpected decline in U.S. construction spending for May. The 0.1% drop contrasts with economists' forecasts of a 0.2% rise, driven by a 0.3% drop in private construction projects. Residential construction saw a 0.2% decrease, with new single-family construction projects falling by 0.7%. Public construction projects, however, showed resilience with a 0.5% increase.
July 01, 2024 | 7:04 pm
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Home Depot shares are facing downward pressure due to an unexpected decline in U.S. construction spending for May. The 0.1% drop in spending, driven by a 0.3% decrease in private construction projects and a 0.2% decrease in residential construction, has negatively impacted Home Depot's stock price.
The decline in U.S. construction spending, particularly in private and residential projects, directly impacts Home Depot's business as it relies heavily on the construction industry. The unexpected drop in spending has led to a decrease in Home Depot's stock price.
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