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Home Depot cuts sales outlook as consumer spending weakens

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Home Depot cuts sales outlook as consumer spending weakens

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Home Depot has slashed its outlook for sales, the latest sign that US consumers are pulling back at a time of high interest rates.

The home hardware retailer said comparable sales would fall by 3 to 4 per cent this year, steeper than its previous forecast of a 1 per cent decline.

The cut to Home Depot’s guidance comes after years of strong inflation stretched the finances of US households. Companies from McDonald’s to Disney have already revealed growing caution by consumers.

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A key factor weighing on Home Depot’s sales has been higher interest rates, said Richard McPhail, chief financial officer. The Federal Reserve has lifted benchmark rates from zero to more than 5 per cent in the past two years in an effort to quell inflation.

Many Home Depot customers are homeowners, and they often finance large projects with debt, McPhail said. Since mid-2023 they have been holding back.

“They have this deferral mindset waiting for the cost of borrowing to go down,” McPhail said in an interview.

However, in the first half of 2024, “our customers are now telling us that general economic uncertainty is weighing on their minds just as much as higher interest rates”, McPhail said. “If you think about the crowding-out that inflation is creating in durable goods, unemployment is beginning to tick up again, [and] just general unease is having an influence on our customers.”

Homeowners who took out mortgages when rates were lower are in many cases staying put. As many big repairs occur when homes change hands, the decrease in turnover has “taken out what’s likely over $10bn in demand in our market”, McPhail added.

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The pressure on sales follows double-digit growth early in the pandemic, as households with surplus savings — and many employees working from home — splashed out on major renovations.

Between fiscal 2019 and 2022, Home Depot’s sales grew by $47bn to $157.4bn. The company has more than 2,300 stores in North America.

Home Depot’s sales totalled $43.2bn in the second quarter that ended in late July, the company said on Tuesday, up 0.6 per cent year on year.

Comparable sales, which cover stores open for at least a year, declined 3.3 per cent in the quarter. During the quarter Home Depot closed a deal to acquire SRS Distribution, a building supply company for professional contractors, at an enterprise value of $18.25bn. 

Home Depot’s net profit was $4.6bn, beating estimates but 2.1 per cent lower than the same quarter a year ago, as costs rose.

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Shares of Home Depot reversed early declines to close 1.2 per cent higher on Tuesday in New York.

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Bill Clinton to testify before House committee investigating Epstein links

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Bill Clinton to testify before House committee investigating Epstein links

Former president Bill Clinton is scheduled to give deposition Friday to a congressional committee investigating his links to Jeffrey Epstein, one day after Hillary Clinton testified before the committee and called the proceedings “partisan political theatre” and “an insult to the American people”.

During remarks before the House oversight committee, Hillary Clinton, the former secretary of state, insisted on Thursday that she had never met Epstein.

The former Democratic president, however, flew on Epstein’s private jet several times in the early 2000s but said he never visited his island.

Clinton, who engaged in an extramarital affair while president and has been accused of sexual misconduct by three women, also appears in a photo from the recently released files, in a hot tub with Epstein and a woman whose identity is redacted.

Clinton has denied the sexual misconduct claims and was not charged with any crimes. He also has not been accused of any wrongdoing connected to Epstein.

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Epstein visited the White House at least 17 times during the early years of Clinton’s presidency, according to White House visitor records cited in news reports. Clinton said he cut ties with him around 2005, before the disgraced financier, who died from suicide in 2019, pleaded guilty to solicitation of a minor in Florida.

The House committee subpoenaed the Clintons in August. They initially refused to testify but agreed after Republicans threatened to hold them in contempt.

The Clintons asked for their depositions to be held publicly, with the former president stating that to do so behind closed doors would amount to a “kangaroo court”.

“Let’s stop the games + do this the right way: in a public hearing,” Clinton said on X earlier this month.

The committee’s chair, James Comer, did not grant their request, and the proceedings will be conducted behind closed doors with video to be released later.

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On Thursday, Hillary Clinton’s proceedings were briefly halted after representative Lauren Boebert leaked an image of Clinton testifying.

During the full day deposition, Clinton said she had no information about Epstein and did not recall ever meeting him.

Before the deposition, Comer said it would be a long interview and that one with Bill Clinton would be “even longer”.

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Read Judge Schiltz’s Order

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Read Judge Schiltz’s Order

CASE 0:26-cv-00107-PJS-DLM

Doc. 12-1 Filed 02/26/26

Page 5 of 17

and to file a status update by 11:00 am on January 20. ECF No. 5. Respondents never provided a bond hearing and did not release Petitioner until January 21, ECF Nos. 10, 12, after failing to file an update, ECF No. 9. Further, Respondents released Petitioner subject to conditions despite the Court’s release order not providing for conditions. ECF Nos. 5, 12–13.

Abdi W. v. Trump, et al., Case No. 26-CV-00208 (KMM/SGE)

On January 21, 2026, the Court ordered Respondents, within 3 days, to either (a) complete Petitioner’s inspection and examination and file a notice confirming completion, or (b) release Petitioner immediately in Minnesota and confirm the date, time, and location of release. ECF No. 7. No notice was ever filed. The Court emailed counsel on January 27, 2026, at 10:39 am. No response was provided.

Adriana M.Y.M. v. David Easterwood, et al., Case No. 26-CV-213 (JWB/JFD)

On January 24, 2026, the Court ordered immediate release in Minnesota and ordered Respondents to confirm the time, date, and location of release, or anticipated release, within 48 hours. ECF No. 12. Respondent was not released until January 30, and Respondents never disclosed the time of release, instead describing it as “early this morning.” ECF No. 16.

Estefany J.S. v. Bondi, Case No. 26-CV-216 (JWB/SGE)

On January 13, 2026, at 10:59 am, the Court ordered Respondents to file a letter by 4:00 pm confirming Petitioner’s current location. ECF No. 8. After receiving no response, the Court ordered Respondents, at 5:11 pm, to immediately confirm Petitioner’s location and, by noon on January 14, file a memorandum explaining their failure to comply with the initial order. ECF No. 9. Respondents did not file the memorandum, requiring the Court to issue another order. ECF No. 12. On January 15, the Court ordered immediate release in Minnesota and required Respondents to confirm the time, date, and location of release within 48 hours. ECF No. 18. On January 20, having received no confirmation, the Court ordered Respondents to comply immediately. ECF No. 21. Respondents informed the Court that Petitioner was released in Minnesota on January 17, but did not specify the time. ECF No. 22.

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Chicagoans pay respects to Jesse Jackson as cross-country memorial services begin

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Chicagoans pay respects to Jesse Jackson as cross-country memorial services begin

James Hickman holds a photo montage of the late Rev. Jesse Jackson before a public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

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CHICAGO — A line of mourners streamed through a Chicago auditorium Thursday to pay final respects to the Rev. Jesse Jackson Sr. as cross-country memorial services began in the city the late civil rights leader called home.

The protege of the Rev. Martin Luther King Jr. and two-time presidential candidate will lie in repose for two days at the headquarters of the Rainbow PUSH Coalition before events in Washington, D.C., and South Carolina, where he was born.

Family members wiped away tears as the casket was brought into the stately brick building. Flowers lined the sidewalks where people waiting to enter watched a large screen playing video excerpts of Jackson’s notable speeches. Some raised their fists in solidarity.

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The casket with the Rev. Jesse Jackson arrives before a public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

The casket with the Rev. Jesse Jackson arrives before a public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

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Inside, Jackson’s children, Chicago Mayor Brandon Johnson and the Rev. Al Sharpton were among those who stood by the open casket to shake hands and hug those coming to view the body of Jackson, dressed in a suit and blue shirt and tie.

“The challenge for us is that we’ve got to make sure that all he lived for was not in vain,” Sharpton told reporters. “Dr. King’s dream and Jesse Jackson’s mission now falls on our shoulders. We’ve got to stand up and keep it going.”

The Rev. Al Sharpton speaks as Jesse Jackson Jr. listens after the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

The Rev. Al Sharpton speaks as Jesse Jackson Jr. listens after the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

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Jackson died last week at age 84 after battling a rare neurological disorder that affected his mobility and ability to speak in his later years.

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Remembrances have already poured in from around the globe, and several U.S. states, including Minnesota, Iowa and North Carolina, are flying flags at half-staff in his honor.

But perhaps nowhere has his death been felt as strongly as in the nation’s third-largest city, where Jackson lived for decades and raised his six children, including a son who is a congressman.

Bouquets have been left outside the family’s Tudor-style home on the city’s South Side for days. Public schools have offered condolences, and city trains have used digital screens to display Jackson’s portrait and his well-known mantra, “I am Somebody!”

People wait to enter the security checkpoint for the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

People wait to enter the security checkpoint for the public visitation for the Rev. Jesse Jackson at Rainbow/PUSH Coalition in Chicago on Thursday.

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His causes, both in the United States and abroad, were countless: Advocating for the poor and underrepresented on issues including voting rights, job opportunities, education and health care. He scored diplomatic victories with world leaders, and through his Rainbow PUSH Coalition, he channeled cries for Black pride and self-determination into corporate boardrooms, pressuring executives to make America a more open and equitable society.

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“We honor him, and his hard-earned legacy as a freedom fighter, philosopher, and faithful shepherd of his family and community here in Chicago,” the mayor said in a statement.

Next week, Jackson will lie in honor at the South Carolina Statehouse, followed by public services. According to Rainbow PUSH’s agenda, Gov. Henry McMaster is expected to deliver remarks; however, the governor’s office said Thursday that his participation wasn’t yet confirmed. Jackson spent his childhood and started his activism in South Carolina.

Details on services in Washington have not yet been made public. However, he will not lie in honor at the United States Capitol rotunda after a request for the commemoration was denied by the House Speaker Mike Johnson’s office.

The two weeks of events will wrap up next week with a large celebration of life gathering at a Chicago megachurch and finally, homegoing services at the headquarters of the Rainbow PUSH Coalition.

Family members said the services will be open to all.

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“Our family is overwhelmed and overjoyed by the amazing amount of support being offered by common, ordinary people who our father’s life has come into contact with,” his eldest son, Jesse Jackson Jr., said before the services began. “This is a unique opportunity to lay down some of the political rhetoric and to lay down some of the division that deeply divides our country and to reflect upon a man who brought people together.”

The family of the Rev. Jesse Jackson arrives as Yusep Jackson wipes his eyes before public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

The family of the Rev. Jesse Jackson arrives as Yusep Jackson wipes his eyes before public visitation at Rainbow/PUSH Coalition in Chicago on Thursday.

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The services included prayers from some of the city’s most well-known religious leaders, including Chicago Cardinal Blase Cupich. Mourners of all ages — from toddlers in strollers to elderly people in wheelchairs — came to pay respects.

Video clips of his appearances at news conferences, the campaign trail and even “Sesame Street” also played inside the auditorium.

Claudette Redic, a retiree who lives in Chicago, said her family has respected Jackson, from backing his presidential ambitions to her son getting a scholarship from a program Jackson championed.

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“We have generations of support,” she said. “I’m hoping we continue.”

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