Why Home Depot, Target, and Lowe's Shares Sank Today
Today's Consumer Price Index (CPI) data on inflation has investors running scared. That includes selling shares of popular retailers like Home Depot (NYSE: HD), Target (NYSE: TGT), and Lowe's (NYSE: LOW). As of 1:50 p.m. ET on Tuesday, all three stocks were trading near the day's lows. Home Depot and Lowe's were down 4.9% and 4.6%, respectively, while Target shares were 2.7% lower at that time.
After a series of interest rate hikes by the Federal Reserve, investors expected to see signs of inflation plateauing or even declining from the August data released today. Consumer prices rose 8.3% on an annual basis in August. That was a decline from July's pace of 8.5%, but investors expected more of a deceleration.
Source Fool.com
