HD Stock Price and Quote: The Home Depot plateaus after steady rise ahead of earnings report

NYSE:HD shed 0.56% on Friday after a huge jump from the start of the week.
Home Depot is set to report third-quarter earnings on November 17.
Home Depot is one of the few companies that has thrived throughout the COVID-19 pandemic.

Stocks Reporter FXStreet

Has any company been more essential than the Home Depot (NYSE:HD) to both its customers and its investors throughout the COVID-19 pandemic? The blue-chip stock had another solid week, adding more than 5% to its price as the Atlanta-based home improvement firm prepares to announce its third-quarter earnings on November 17. Consensus on Wall Street is that Home Depot will report sales in the area of $31 billion which would represent a near 15% increase year-over-year. Shares are definitely trending upwards after this past week as they are now trading well above the 60-day and 200-day moving averages which can be seen as a sign of optimism amongst investors heading into its earnings call.

After being one of the first companies to be designated an essential retailer during the pandemic, the firm has been a rock-solid performer having added 30% to its stock price year to date. Like many other eCommerce platforms, digital sales on Home Depot’s website have surged as people continue to work from home and spend more time doing renovations and improvements around the house. With COVID-19 restrictions expected to continue into 2021, look for Home Depot to build upon its impressive growth rate that has been the best the company has seen in the last two decades.

HD Stock Price History

Historically speaking, operating during the current pandemic has been very profitable for Home Depot and a positive earnings report could send this stock through the $300 price barrier by the end of the year. With the holiday season fast approaching, digital sales and in-store sales should surge even more for the retail giant, which could bring more positive tailwinds into Home Depot’s next quarter as we fast approach the one year anniversary of the global pandemic.

Author

Stocks Reporter

FXStreet

AUD/USD shows resilience below 38.2% Fibo. near mid-0.7100s

The AUD/USD pair touches a one-and-a-half-week low, around the 0.7140 region during the Asian session on Monday, though it lacks follow-through. Spot prices currently trade just above mid-0.7100s, down nearly 0.25% for the day.

USD/JPY: Japanese Yen edges lower vs USD amid Middle East jitters as Fed, BoJ meetings loom

The USD/JPY pair attracts some buyers at the start of a new week and climbs closer to the 154.00 mark during the Asian session, reversing a part of Friday's losses. Spot prices, however, remain confined in a range held over the past week or so and within striking distance of a nearly seven-month low, touched last Tuesday, as traders await this week's key central bank events.

Gold: Fed’s rate decision to drive the next move

Gold reflects a subdued performance at the start of the Federal Reserve’s (Fed) monetary policy week at around $4,330. Fed’s interest rate expectations heavily influenced last week after the release of the hot United States (US) Producer Price Index (PPI) and Consumer Price Index (CPI) reports for August.

Bitcoin consolidates, Ethereum faces hurdle, XRP nears key support

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) start the week near crucial technical levels after a broadly bearish performance, correcting over 4%, 1.5% and 5% last week. BTC consolidates around $77,600, while ETH approaches key $2,550 resistance. Meanwhile, XRP trades near its key level around $1.354, making this support level crucial for its near-term outlook.

US Dollar Weekly Forecast: The last line of defense

There was no respite to the downward trend for the US Dollar this week, which added to the prior week’s retracement and at some point flirted with the area of four-month lows. Indeed, after trading at levels just shy of its psychological 100.00 barrier early in the month, the US Dollar Index has come all the way down to challenge the 98.50 zone, extending its negative streak for the third month in a row.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.