Wall Street Ends Lower as Home Depot Outlook and US Retail Sales Disappoint
📌Analysts suggested that consumers may be shifting their spending away from home improvement projects and towards experiences and other activities, as indicated by Home Depot’s poor earnings. Additionally, uncertainty surrounding interest rates and ongoing debt limit negotiations further dampened market sentiment.
📌Recent economic data has suggested a slowdown in the U.S. economy following the Federal Reserve’s series of interest rate hikes to combat high inflation. Concerns about when the central bank will pause rate hikes or potentially cut interest rates have been heightened by ongoing negotiations over the U.S. debt ceiling. While the market expects a rate cut by the end of the year, recent statements from Fed officials indicate that they are not yet ready to implement such measures.