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Why Lowe's Stock Was Up Earlier Today

TheMotleyFool

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Why Lowe's Stock Was Up Earlier TodayPhoto, wide shot, wide-angle lens, Private equity firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/2b695cca-48cb-4195-802a-e3385fb90ec0.png

Shares of Lowe's (NYSE: LOW) were up by 2% as of 12:37 p.m. ET Wednesday ahead of the Federal Reserve's announcement on interest rates.

Investors are concerned about rising inflation, supply chain problems, and the impact that higher interest rates could have on Lowe's business in the near term. After rising sharply through 2021, the stock has fallen 25% year to date as its revenue growth slowed considerably in recent quarters.

The Federal Reserve is expected to announce a 0.75 percentage point increase to the federal funds rate at 2 p.m. ET. That would put the target for the benchmark rate in a range of 3% to 3.25% -- its highest level in over a decade. Many investors will be looking for signals of what's coming next.

Source Fool.com

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