Facing the severe U.S. housing market, Lowe maintains annual forecasts.

Lowe's Companies maintained its annual forecast unchanged on Wednesday, pointing out along with its larger competitor Home Depot, that the U.S. housing market faces challenges as cautious households delay large DIY projects. With tensions in Iran driving up oil prices and U.S. Treasury yields, the popular 30-year fixed mortgage rate rose to 6.46% in early April, putting additional pressure on the already strained housing market due to high house prices. Thanks to stable demand from professional customers, the company's first-quarter sales exceeded expectations. Lowe's has been focusing on investing in its "Lowe's for Pros" business segment targeting small to medium-sized contractors, carpenters, and builders by expanding product offerings and providing jobsite delivery services to meet customer needs.