Homebuilder stocks are relatively “cheap” even after surging this year, and represent a pocket of the U.S. equities-market rally that extends beyond the Big...
Homebuilder stocks are relatively “cheap” even after surging this year, and represent a pocket of the U.S. equities-market rally that extends beyond the Big Tech sector as a recession does not appear imminent, according to DataTrek Research.
“This is not a one-trick market,” wrote DataTrek co-founder Nicholas Colas in a note emailed Tuesday. Colas also pointed to improving homebuilder sentiment on “decent demand and limited supply of existing homes.” Meanwhile, inflation in materials has declined from pandemic-era levels, he said. The housing market stands to benefit from the Fed potentially being close to ending its interest rate hikes.
The ETF’s largest exposures include Carrier Global Corp. CARR , Lennar Corp. LEN , Owens Corning OC , Trane Technologies plc TT , NVR Inc. NVR , PulteGroup Inc. PHM , D.R. Horton Inc. DHI , Builders FirstSource Inc. BLDR , Lowe’s Cos. LOW and Allegion plc ALLE as of June 26, according to fund holdings data on the website of State Street Global Advisors.
The S&P 500 SPX was up 1.2% in Tuesday afternoon trading, while the Dow Jones Industrial Average DJIA rose 0.7% and the technology-heavy Nasdaq Composite COMP gained 1.7%.
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