Why Home Depot Stock Pulled Back Today
Shares of Home Depot (NYSE: HD) were moving lower today as the home improvement retailer responded to the hotter-than-expected inflation report this morning.
As the nation's leading home improvement retailer, Home Depot has significant exposure to the housing market, and the higher-than-expected inflation reading means that mortgage rates are less likely to come down soon, making a housing recovery less likely.
As a result, the stock was down 2.9% as of 3:20 p.m. ET, compared to a 0.9% decline for the S&P 500.
Source Fool.com
