BUZZ-U.S. homebuilders tumble as rate cut bets decrease after Powell's comments
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Shares of U.S. homebuilders fell sharply on Wednesday following comments from Fed Chair Powell, indicating no imminent decision on rate cuts. Market expectations for a rate cut in September have dropped below 50%, contributing to rising U.S. 10-year yields. Higher yields may lead to increased mortgage rates, making homes less affordable. The PHLX Housing Index declined over 2%, with significant losses for major homebuilders like DR Horton, Lennar, and Pultegroup, as well as building products maker Builders FirstSource and home improvement retailers Home Depot and Lowe’s.
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