Home Depot and Lowe's are already seeing the first of many likely benefits from the Fed's rate cut

As rates come down, people will start to move more," Fed Chair Jerome Powell said Wednesday.

Aside from any initial noise in the market, Home Depot and Lowe's should keep grinding higher as all this comes together," Mizuho analyst David Bellinger told Business Insider.

Home Depot CFO Richard McPhail described his company's core customer as having 'a deferral mindset' in spite of being in a generally healthy financial position.

Home-related companies should soon see the beginnings of fundamental recovery exiting this year," said David Bellinger.

Read at Business Insider