** Shares of U.S. homebuilders slide on Weds after Fed chair Powell says no decision yet on rate cuts
** Markets now pointing to odds dropping below 50% that the Fed will cut rates at its next meeting in Sept, as benchmark U.S. 10-year yield
US10Y
extends rise
** Rising yields can potentially lead to higher mortgage rates, which could negatively impact homebuilders by making homes less affordable for consumers
** PHLX Housing Index
HGX
dropping >2% on the session
** Among biggest HGX fallers are: LGI Homes
LGIH
5%, DR Horton
DHI
>2%, Lennar
LEN
nearly 3%, Pultegroup
PHM
>3%
** In S&P 500
SPX
, building products maker Builders FirstSource
BLDR
down 5%, and home improvement retailers Home Depot
HD
and Lowe's
LOW
both off nearly 2%
** With moves on Weds, HGX down ~2% YTD vs 8% advance in SPX
** Markets now pointing to odds dropping below 50% that the Fed will cut rates at its next meeting in Sept, as benchmark U.S. 10-year yield
US10Y
extends rise
** Rising yields can potentially lead to higher mortgage rates, which could negatively impact homebuilders by making homes less affordable for consumers
** PHLX Housing Index
HGX
dropping >2% on the session
** Among biggest HGX fallers are: LGI Homes
LGIH
5%, DR Horton
DHI
>2%, Lennar
LEN
nearly 3%, Pultegroup
PHM
>3%
** In S&P 500
SPX
, building products maker Builders FirstSource
BLDR
down 5%, and home improvement retailers Home Depot
HD
and Lowe's
LOW
both off nearly 2%
** With moves on Weds, HGX down ~2% YTD vs 8% advance in SPX
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.