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By Staff Reporters
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Things are looking up for Home Depot. After a gloomy first quarter during which sales fell 4.2%, the retailer performed better than expected in Q2. It reported revenue of $42.92 billion for the quarter, higher than the $42.23 billion it projected earlier in the year. Its earnings per share came in at $4.65, better than the expected $4.45.
But the company is maintaining its guidance for the full year and anticipates a 2%–5% drop in sales for the fiscal year. In its earnings call, CEO Ted Decker struck a cautious note, stating that the home improvement market has entered a period of “moderation” after the pandemic-era DIY boom. Consumers appear to be deferring big-ticket discretionary purchases, such as patio furniture and appliances, Billy Bastek, executive vice president of merchandising, said. Sales of $1,000 or more are down 5.5% YoY. The movement away from large purchases continues a trend that began in Q4 2022.
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Here is where the major benchmarks ended:
- The S&P 500® Index edged down a little less than a point to 4,369.71 and was down about 2.1% for the week; the Dow Jones Industrial Average (DJIA) rose 26 points (0.08%) to 34,500.66 and was down about 2.2% for the week; the NASDAQ Composite dropped 26 points (0.2%) to 13,290.78 and was down about 2.6% for the week.
- The 10-year Treasury note yield (TNX) pulled back three basis points to 4.250%.
- CBOE’s Volatility Index (VIX) fell 3.9% to 17.19.
Energy was the top-performing S&P market sector Friday, as crude oil futures rose more than 1%. Communications services—home to such market heavyweights as Google-parent Alphabet (GOOG) and Facebook-parent Meta Platforms (META)—was the weakest performer, followed by consumer discretionary—home to Amazon (AMZN) and Tesla (TSLA). These sectors tend to do best when the economy has a clear runway for growth and interest rates are lower.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Experts Invited, Funding Basics, Investing, Mortgage Electronic Registry System | Tagged: AMZN, Billy Bastek, CBOE, CFO Brew, DJIA, DOW, energy, FB, gas, GOOG, Home Depot, Meta, NASDAQ, oil, S&P 500, Ted Decker, TSLA, VIX | Leave a comment »
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