Home Breaking News Home-builders ETF down after new-home sales data

Home-builders ETF down after new-home sales data


Exchange-traded funds that track home-building stocks fell on Wednesday, after data showed that new-home sales fell 9.4% in July, a steeper fall than had been expected. The SPDR S&P Homebuilders ETF

XHB, -0.74%

lost 0.9%, while the iShares U.S. Home Construction ETF

ITB, -0.88%

was down 0.5%. The SPDR fund remains up more than 10% in 2017, although it has dropped 3.5% over the past month. Sales of newly constructed homes were at a seasonally adjusted annual rate of 571,000, the Commerce Department said Wednesday. That represented a seven-month low, and it was under the 608,000 pace that had been forecast. The sector was also pressured by Lowe’s Companies Inc.

LOW, -5.43%

which fell 5.7% in the wake of lower-than-expected results. Home Depot

HD, -1.29%

fell 1.5%.

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