Why Home Depot Stock Was Sliding Today
Shares of Home Depot (NYSE: HD) were pulling back today even though there was no company-specific news out on the stock. Instead, investors in the home improvement retailer were reacting to Donald Trump's victory. While stocks were up broadly, the real estate sector was down as Treasury yields jumped, a sign that investors think that interest rates could rise in a Trump administration due to deficit spending and tariffs, which could lead to inflation, potentially preventing the Fed from lowering interest rates as it has intended.
Home Depot stock was down 3.7% on the news as of 12:47 p.m. ET. ETFs tied to homebuilders and real estate were also down even as the S&P 500 was up more than 2%.
Image source: Home Depot.
Source Fool.com
