Core Viewpoint - Home Depot, Inc. has lowered its full-year profit forecast due to weaker demand, cautious consumer behavior, and a stalled housing market [1][4] Demand and Market Conditions - Despite stable underlying demand, an expected increase in demand for the third quarter did not occur, leading to disappointing results [2][3] - External economic conditions, particularly consumer uncertainty and pressure in the housing market, are negatively impacting home improvement demand [4][6] Housing Market Dynamics - The housing market is experiencing historically low turnover rates, currently at 2.9%, which limits new homeowners from undertaking large-scale projects [5] - The company is observing softer engagement in larger discretionary projects, where financing is typically utilized [5][6] Consumer Behavior - Consumers are hesitant to spend on major discretionary projects due to ongoing inflation and economic uncertainty, including concerns about job security [6][7] - The term "affordability" is frequently mentioned, indicating a significant concern among consumers regarding living costs [6] Company Performance and Outlook - Despite the challenges, Home Depot is executing well and believes it is gaining market share [7] - The company does not anticipate a near-term improvement in the macroeconomic environment or an increase in underlying demand [7][8]