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What Walmart And Home Depot Said About The Economy
Nearly two years on from the last round of stimulus checks, the US consumer has held up better than
The difference in WMT and HD reaction, I think, is because WMT is a consumer staple name, has some demand tailwinds (in food/consumables and trade-down) and persistent food price inflation is positive; this partially offsets weakness in other categories. HD is a consumer discretionary name, has all demand headwinds (both pro and DIY) and disinflation in many categories is a negative; there is little positive offset. Plus WMT looks fairly valued vs HD about 25% overvalued, to me.