Shares of Home Depot, Lowe's Rise Following Rate Cut
By Connor Hart
Shares of Home Depot and Lowe's rose, and Lowe's stock hit an all-time high, after the Fed's interest-rate cut.
In Thursday trading, Home Depot's stock was up 1.6% to $390.20, while Lowe's stock rose 1.7% to $261.11. Since the beginning of the year, shares of Home Depot are up 13%, while Lowe's shares have gained 17%.
Following the Fed's decision on Wednesday to cut interest rates by half a percentage point, investors anticipate a boost in the housing market, which typically means more business for the home-improvement retailers.
D.A. Davidson "recently upgraded Home Depot, as we believe the stock will anticipate better fundamentals as interest rates decline due to Fed loosening," Managing Director Michael Baker said in a research note.
The investment firm held its neutral rating for Lowe's, citing its widening margin compared with Home Depot.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 19, 2024 15:25 ET (19:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk
United States