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The company’s lackluster results last quarter added to concerns the U.S. housing market is slackening. Revenue trailed analysts’ estimates, although profit beat projections for the 16th-straight quarter. Shares fell as much as 2.6 percent, the most in more than a month.

Home Depot’s fortunes are so tightly intertwined with the housing market that they are often viewed as a proxy for the sector. The rationale is simple: If Americans feel like their properties are rising in value, they’ll spend more fixing them up.

But prices have been sagging in some parts of the U.S. and mortgage rates have risen.