Homebuilder Stocks Turn Broadly Lower After Disappointing Data

Homebuilder stocks turned broadly lower in morning trade Friday, after data showing sales of new homes fell to the slowest pace in seven months. The iShares U.S. Home Construction ETF dropped 1%, with nine of its 41 stock components trading lower. Just prior to the release of the data, the ETF was trading little changed. Among the most heavily-weighted components, shares of Lennar Corp. shed 1.2%, D.R. Horton Inc. dropped 0.5%, PulteGroup Inc. slid 1.7% and Toll Brothers Inc. lost 1%. All four of those stocks saw intraday gains prior to the data.