The Dow Jones today dropped over 150 points in in pre-market hours after The Home Depot Inc.(NYSE: HD) fell short of revenue expectations in its Q1 earnings report Tuesday morning. The firm reported earnings per share (EPS) of $2.08 on top of $24.94 billion in revenue.
Wall Street had expected $2.06 on top of $25.2 billion. The miss was a surprise given the strength of the housing market, broader U.S. economy, and recent tax reform. Home Depot’s miss was responsible for half of the Dow’s losses in pre-market trading.
In addition to Home Depot, Tesla Inc. (Nasdaq: TSLA) fell more than 2.5% yesterday after Morgan Stanley (NYSE: MS) cut its price target from $376 to $291. The bank cited Tesla’s pending reorganization as a major reason for the cut. It also noted that the firm is facing technical and fundamental hurdles. Here’s more on why Tesla is struggling to make money.
Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
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The Top Stock Market Stories for Tuesday