Wall Street fell significantly on Tuesday. Concerns about interest rates are still primarily troubling the mood. Home Depot stock fell after a cautious outlook.
After the long holiday-related weekend in the United States, the major indices in the New York Stock Exchange fell dramatically. Fear of rising interest rates remains the biggest stressor. Recent economic data suggests that the Fed may continue its hawkish stance for the time being. The minutes of the last meeting of the central bank will be published on Wednesday. Investors are hoping for insights into the Fed’s intentions.
The high-tech Nasdaq 100 Index fell by 2.23%, closing at 12,068 points. The S&P 500 fell 1.71% to 3,997 points. The Dow Jones ended the trading day down 1.83% at 33,114 points.
Home Depot shares drop after cautious outlook
Home Depot chain stock fell x% on Tuesday. Although the figures for the past fiscal year were extraordinarily satisfactory, the outlook for the current year was disappointing.
Revenue increased 4.1 percent last year to $157.4 billion. Sales increased by 3.1% compared to the previous year. Home Depot made a profit of $17.1 billion, up from $16.4 billion last year. The home improvement business accelerated during the pandemic, and Home Depot has grown since then. While business has been particularly good in the first quarters of fiscal 2022, growth has recently slowed significantly.
Accordingly, management issues a more cautious outlook for the current fiscal year. Sales should roughly match last year’s level, while operating profit is expected to decline slightly.
Wal-Mart is up
At the top of the Dow was Wal-Mart stock, up 0.57%. The title had fallen significantly after the latest business figures were published. Among the winners of the S&P 500 are shares of General Mills and Molson Coors Brewing Company. They earned 4.46% and 3.15%.
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