Homebuilders Hit with Wrecking Ball (i.e. Existing Home Sales) (XHB) (ITB)
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Toll Brothers Inc. (NYSE: TOL) and other homebuilders were slammed on Thursday after June Existing Home Sales come in at 4.37 million versus the consensus of 4.62 million.
Immediately following the data, Toll Brothers Inc. (NYSE: TOL) is down 2.5 percent. KB Financial Group, Inc. (NYSE: KB) is also trading lower, taking a haircut of 2 percent.
SPDR S&P Homebuilders ETF (NYSE: XHB) is lower by 0.50 percent. iShares Dow Jones US Home Construction (NYSE: ITB) is lower by 2.5 percent.
Homebuilders have been one of the best performing sectors of the S&P 500 this year, with some higher by close to 50 percent. ITB is up 38 percent year-to-date.
Immediately following the data, Toll Brothers Inc. (NYSE: TOL) is down 2.5 percent. KB Financial Group, Inc. (NYSE: KB) is also trading lower, taking a haircut of 2 percent.
SPDR S&P Homebuilders ETF (NYSE: XHB) is lower by 0.50 percent. iShares Dow Jones US Home Construction (NYSE: ITB) is lower by 2.5 percent.
Homebuilders have been one of the best performing sectors of the S&P 500 this year, with some higher by close to 50 percent. ITB is up 38 percent year-to-date.
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