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Wall Street plunges as energy stocks and Home Depot weigh

Wall Street plunges as energy stocks and Home Depot weigh

 


NEW YORK (AP) Stocks were down on Tuesday after Home Depot warned of falling sales, the latest discouraging signal for an economy under pressure.

The S&P 500 was down 0.3% at midday. The Dow Jones Industrial Average was down 207 points, or 0.6%, at 33,137 as of 11:15 a.m. EST, while the Nasdaq composite was up 0.1%.

Energy producers were among the heaviest hitters in the market, with Exxon Mobil down 2.6% and Chevron down 2.2%.

Home Depot also fell 1.3% after saying revenue fell more than expected last quarter. He described widespread pressures on his business after years of strong growth, and he cut his sales forecast for this fiscal year given all the uncertainty ahead.

The dour report contributed to the fall of other retailers, including a 1.4% drop for Lowe’s. Other major retailers are expected to report results later this week, including Target and Walmart.

They’re under the microscope because resilient US household spending has been one of the biggest positives preventing the economy from sliding into a recession. If it crashes, a recession may be assured, and the pressure is on as buyer confidence indicators are down.

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