Home Depot CFO Richard McPhail talks domestic supply chain
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CNBC
an hour ago
- CNBC
Trump has snapped up more than $100 million in bonds since taking office
Key Points U.S. President Donald Trump has spent at least $100 million on bonds since taking office, according to CNBC calculations based on official filings. As well as purchasing debt issued by local governments, school boards and gas districts, Trump bought corporate debt issued by Meta, Home Depot and T-Mobile. Companies and other entities issue bonds to raise capital for reasons including refinancing debt, funding projects or boosting liquidity. U.S. President Donald Trump has been on a multimillion-dollar bond-buying spree since taking office in January, investing in debt issued by local authorities, gas districts and major American corporations. Across 33 pages of filings with the U.S. Office of Government Ethics, or OGE, dated Aug. 12, the president outlined 690 transactions that have taken place since he took office. The documents were made public on Tuesday. According to CNBC calculations, the purchases had a total value of at least $100 million, assuming the lower value end listed for each disclosed transaction. By law, the U.S. president, vice president and other select officials must periodically declare "reportable transactions" to the OGE. The precise value of these dealings does not have to be reported. The extensive lists filed earlier this month show that, over the course of this year, Trump has bought bonds sold by various entities, including local U.S. governments, as well as gas districts, water supply districts, hospital authorities and school boards. Trump also bought debt issued by an array of big-name companies. The documents point to purchases of between $500,000 and $1,000,000 worth of bonds issued by T-Mobile U.S., United Health and Home Depot each in early February. Later that month, he procured debt issued by Facebook and Instagram parent Meta, worth between $250,000 and $500,000. The White House did not immediately respond to a CNBC request for comment. Companies, governments and other groups issue bonds to raise capital to carry out projects, fuel growth, refinance existing debt or to bolster financial stability. Investors who purchase the bonds receive interest payments — either fixed or variable — over an agreed period, along with the return of the full loan amount at the end of that period. Some of the companies whose debt is now owned by Trump have been directly impacted by his policies or business dealings. The White House leader has a net worth of $5.5 billion, according to Forbes. In 2020 — the last year of his first presidential term — Trump was worth $2.1 billion, according to the magazine. Forbes has labeled the years between his two terms "the most lucrative post-presidency in American history" thanks to a series of ventures marketed to his supporters. Trump's political rivals have previously accused him of various conflicts of interest during his tenure as president. Under federal law, the president and vice president are exempt from some regulation relating to conflicts of interest among federal officials — but according to nonprofit watchdog CREW, every modern president prior to Trump has opted to divest their business interests before taking office.
Yahoo
2 hours ago
- Yahoo
Dow Jones ETF Outperforming: Will the Rally Continue?
The Dow Jones Industrial Average has been hitting new record highs in recent sessions and is outperforming the other two major indices amid the weakness in the tech sector. Rate cut optimism, sector rotation and strong corporate earnings or actions are driving the blue-chip being said, SPDR Dow Jones Industrial Average ETF DIA, which tracks the Dow Jones, has risen 2.1% over the past week while the Vanguard S&P 500 ETF VOO and Invesco QQQ Trust Series QQQ gained 1.2% and 0.7%, respectively (read: Dow Jones ETF Hits New 52-Week High). Sector Rotation Investors are shifting out of high-flying tech and AI plays and moving into beaten-down and undervalued sectors like industrials, retail, financials and real estate. This shift has driven the rally in the Dow Jones the tech sector has been struggling in recent weeks in the wake of uncertainty surrounding the Trump administration's trade policies. The weakness in the tech sector has led investors to move to value-oriented stocks. Strong Home Depot & UnitedHealth Momentum Two heavy components in the Dow Jones — Home Depot (HD) and UnitedHealth (UNH) — have pushed the index to record highs. Home Depot surged on its steady guidance despite the earnings miss. Meanwhile, UnitedHealth soared last Friday after Berkshire Hathaway disclosed its major stake in the company, valued at approximately $1.6 billion or around 5 million shares in its second-quarter filings (read: Insights Into 13F Filings: ETFs to Invest in Like Billionaires). Growing Rate Cut Bets The blue-chip index has been benefiting from growing market expectations that the Fed will begin cutting interest rates, possibly starting in September, with futures pricing in two 25-bps reductions. Lower rates benefit cyclical sectors like industrials, financials and consumer discretionary the most. It reduces borrowing costs for mortgages, credit cards and other consumer and business loans. This helps businesses to expand their operations more easily, resulting in increased profitability. This, in turn, stimulates economic growth and boosts the stock market. Notably, Dow Jones is highly exposed to cyclical sectors and thus will be the biggest beneficiary of potential rate cuts out of the three major indices. Stable & Value-Oriented The blue-chip index consists of typically less risky stocks. These companies are more established and provide a broader range of products or services, offering some safety in case of an economic slowdown or political issues. Most of the stocks in the Dow Jones Index have a tilt toward value stocks. Value stocks seek to capitalize on the inefficiencies in the market and have the potential to deliver higher returns with lower volatility compared with their growth and blend counterparts. Further, these stocks are less susceptible to trending markets, and their dividend payouts offer safety in times of market turbulence. Let's take a closer look at the fundamentals of DIA. DIA in Focus With AUM of $39.2 billion, DIA holds 30 stocks in its basket, with each security holding no more than a 10% share. The fund is widely spread across sectors, with financials, information technology, consumer discretionary, industrials and healthcare being the top five. It charges 16 bps in fees per year from investors and trades in heavy volume of around 4 million shares a day on average. The fund has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco QQQ (QQQ): ETF Research Reports SPDR Dow Jones Industrial Average ETF (DIA): ETF Research Reports Vanguard S&P 500 ETF (VOO): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
3 hours ago
- Yahoo
Lowe's raises 2025 forecast while consumers still 'waiting for more confidence' on bigger projects
Lowe's (LOW) on Wednesday raised its forecast for 2025 and reported a return to same-store sales growth after a decline to start the year while the company is still seeing some caution among consumers on bigger ticket purchases. Lowe's reported that same-store sales increased 1.1% in the second quarter, a return to growth after falling in the first three months of 2025. That compared to a 1.3% jump Wall Street expected. "We had solid growth and performance with both Pro and DIY," CEO Marvin Ellison told Yahoo Finance over the phone. Similar to its peer Home Depot (HD), Ellison said that, "throughout the quarter, our comps got better, ending July with a positive 4.7%" as it leaned into promotions. On Tuesday, Home Depot stock rose after the company said it saw a 3.3% same-store sales increase in July to exit its secodn quarter. As it leans into professional services to boost sales, Lowe's also announced a deal Wednesday morning to acquire Foundation Building Materials (FM) for approximately $8.8 billion. This is on top of the recent acquisition of Artisan Design Group. "When you combine FBM with our recent acquisition it's going to give us the ability to give a large Pro customer a full complement of interior finishes, drywall to doors, insulation, ceiling systems, flooring, countertops and cabinets," Ellison said. The home improvement chain reported earnings per share in the second quarter of $4.33 on an adjusted basis, better than the $4.24 Wall Street had expected. Revenue came in at $23.96 billion; the Street had forecast revenue of $23.98 billion, according to Bloomberg data. In the quarter, the average ticket increased 2.9%, but shoppers visited stores less often with transactions down 1.8%. Ellison said that signals consumers are still deferring larger, discretionary projects as customers are "waiting for more confidence in the economy before they spend." "As an a kitchen redesign in your home, getting your bathroom remodel, those are discretionary purchases. You can wait another six months. You can wait another year if need be." Notably, Lowe's raised its guidance for the 2025 fiscal year, with total sales now projected to be in a range of $84.5 billion-$85.5 billion, up from a prior range of $83.5 billion-$84.5 billion, while same-store sales are still expected to be flat to up 1% year over year. As analysts have been banking on a turnaround in the housing market to reignite momentum, Ellison said "we're not planning for any type of inflection to happen in our guidance." Tariff uncertainty remains top of mind, too. Lowe's sources 20% of its sales from China, including items like ceiling fans, small appliances, and tools. In the previous quarterly results earnings call, Lowe's said it sources roughly 60% of its sales from the US. Executives told investors the company is seeking to limit exposure to China. That's compared to rival Home Depot, which said has said that 50% of its products are sourced domestically. To offset tariffs, Ellison said it has been working to lower its dependency on any other country outside the US, negotiate with suppliers, both with its private brands and national brands, and be "price competitive" versus competition. Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@ Click here for all of the latest retail stock news and events to better inform your investing strategy
