From Yahoo Finance: 2024-05-16 12:06:17

Housing stocks dropped after weak recovery data in new residential construction. SPDR S&P Homebuilders ETF (XHB) down 1%, D.R. Horton (DHI) fell 2%, Lennar (LEN) and Toll Brothers (TOL) down 2% in morning trading. Single-family and multifamily home construction slightly rebounded in April but down year over year. Privately-owned housing starts at 1.36 million in April, up 5.7% from March but down 0.6% from last year. Economists expected 1.42 million rate. National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index fell to 45, indicating poor conditions. Economist predicts single-family starts may reach 1.11 million this year, with total housing starts at 1.43 million by year end.



Read more at Yahoo Finance: Dow touches 40,000 as stocks hover at record highs