Lowe's Cuts Guidance on Soft DIY Spending, Housing Market.

Lowe's Cos. has lowered its full-year guidance due to a frozen housing market and decreased consumer spending on big purchases and renovations. The retailer now expects comparable sales to fall 3.5% to 4%, worse than the previous forecast. Uncertainties around interest rates and inflation have created a challenging backdrop for the home-improvement industry. Demand for big-ticket home projects remains soft, but professional customers have remained resilient. Lowe's shares have risen 9.3% year to date. The company's results could potentially influence the Federal Reserve's decision on interest rate cuts. Americans have pulled back on discretionary spending and are prioritizing essentials. Retailers that sell necessities, like Walmart, have seen positive results. Lowe's and other home-improvement operators have been navigating a slowdown following the pandemic, with consumers focusing on smaller projects. Rival Home Depot Inc. also cut its full-year guidance, citing a "deferral mindset" among consumers. [Extracted from the article]