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The Home Depot Inc (NYSE:HD) and Lowe's Companies Inc (NYSE:LOW) are trading lower amid overall market weakness. Stocks across sectors fell Friday following data showing a drop in U.S. retail sales as well as weaker-than-expected bank earnings. Fed tapering concerns have also impacted housing-related stocks.
Retail sales fell by 1.9% in December, declining much more than the estimates for a 0.1% drop. Excluding auto sales, retail sales fell 2.3%, which was also much worse than estimates for a 0.3% rise.
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The consumer price index increased by 0.5% for the month, which brought the total gain to 7% year-over-year, representing the highest levels since 1982.
The Federal Reserve has been stressing the importance of cooling inflation, with multiple policymakers signaling they expect to start raising rates as soon as March. A rise in rates could impact mortgage demand, which could weigh on housing-related sectors.
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Home Depot and Lowe's are the two largest home improvement specialty retailers in the world.
HD, LOW Price Action: At time of publication, Home Depot was down 3.70% at $372.61 and Lowe's was down 3.44% at $372.61.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.