Home builder etfs drop sharply, exceeding s&p 500’s modest decline
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
Exchange-traded funds focused on stocks in the home-building industry were falling sharply Monday, as interest rates in the bond market rose and investors weighed a monthly drop in U.S.
construction spending. The SPDR S&P Homebuilders ETF and the iShares U.S. Home Construction ETF were each down around 2%, according to FactSet data, at last check. The funds were faring
worse than the broad U.S. stock market, with the S&P 500 slipping a slight 0.1% around midday. The U.S. Census Bureau said in a June 2 report that total construction spending fell 0.4%
in April, with residential down 0.9% from the revised March estimate. Economists polled by the Wall Street Journal had forecast that total construction spending would increase 0.2% in April.