Homebuilding ETF (XHB) Socked by Data and (BBBY) Guidance
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SPDR S&P Homebuilders ETF (NYSE: XHB) is taking a beating today after sales of previously owned homes in the U.S. fell in May. Existing-home sales decreased by 1.5% from a month earlier to a seasonally adjusted annual rate of 4.55 million, the National Association of Realtors said Thursday. Analysts expected 4.57 million in sales.
Homebuilder stocks rallied early in the week after homebuilder sentiment and building permits painted a rosy picture for stocks in the sector. But XHB is giving back gains today, and is trading lower by over 2 percent in early trading.
XHB is also affected by shares of Bed Bath & Beyond Inc. (Nasdaq: BBBY), which are lower by 15 percent today after guidance fell short of expectations. XHB is 4 percent weighted in shares of BBBY.
Homebuilder stocks rallied early in the week after homebuilder sentiment and building permits painted a rosy picture for stocks in the sector. But XHB is giving back gains today, and is trading lower by over 2 percent in early trading.
XHB is also affected by shares of Bed Bath & Beyond Inc. (Nasdaq: BBBY), which are lower by 15 percent today after guidance fell short of expectations. XHB is 4 percent weighted in shares of BBBY.
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