J.P. Morgan Downgrades Drag Down Homebuilder ETFs
This article was originally published on ETFTrends.com.
Homebuilder ETFs weakened Friday after J.P. Morgan analysts downgraded a number of home construction companies on a pessimism over housing market fundamentals. On Friday, the SPDR S&P Homebuilders ETF (NYSEArca: XHB) dipped 0.2%, iShares U.S. Home Construction ETF (NYSEArca: ITB) fell 0.7% and PowerShares Dynamic Building & Construction Portfolio (NYSEArca: PKB) dropped 0.7%, with both [...]