Home Depot Slumps on Consumer Spending Fears

Home Depot's (NYSE:HD) stock slipped by nearly 1.5% in Thursday morning's trading as concerns mount over consumer spending.

The home improvement giant is closely tied to a need for shelter improvements and repair tools, but even this connection can't shield it from the current economic downturn.

A recent McKinsey consumer survey found that consumers are planning to 'pull back across a broad range of discretionary purchases,' including home improvement projects that can be put off until better times.

Foot traffic at Home Depot stores is also declining, with average visits per location down 0.6%, outpacing the decline seen by its competitors.