Yield Surge Hits Already Beaten Down Homebuilder Stocks
The yield surge experienced this week certainly took its toll on homebuilder stocks. As the yield on the benchmark U.S. 10 -Year Treasury eclipsed 3.2 percent this week, you could hear the air coming out of the publicly traded homebuilder sector. The Dow Jones U.S. Home Construction Index was down 27% as of yesterday's close. The year-to-date declines in the stocks of publicly traded homebuilders certainly don't echo the "remarkably positive" economic circumstances that Fed chair Jerome Powell was playing up this week. I can only assume he was referring to the Wall Street bonus [...]
