Share prices for Home Depot and Lowe's are riding high following the Fed's interest rate cut, which is likely to spur home improvement spending.

Over the past few years, elevated mortgage rates and sky-high housing prices have contributed to a lack of home affordability.

The Federal Reserve hit the ground running on Wednesday with a big rate cut to kick off its easing cycle, signaling its seriousness about wanting to fend off any further deterioration in the labor market.