Midday Wrap: Banking Stocks Take Hit, Home Depot Punished Twice
Home Depot is declining following a Guggenheim downgrade due to pressure on sales and earnings from lumber price deflation as well as tariffs.
The company already warned investors of those headwinds during its second quarter conference call where it lowered its sales outlook.
Banking stocks are taking a hit as the federal reserve begins its two day September meeting Tuesday.
JP Morgan , Goldman Sachs , Wells Fargo , Citi and Bank of America were all down about 1%.
Apple supplier Corning is down after it cut third quarter guidance due to customers who have reduced utilization below anticipated levels.
On the plus side, Apple announced Tuesday that it was awarding the company $250 million from its advanced manufacturing fund to aid in R&D.
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