US homebuilder stocks surge on hopes for demand boost after Fed rate cuts

- Shares of major U.S. homebuilders surged in premarket trade on Thursday, buoyed by expectations of higher demand due to reduced borrowing costs after the Federal Reserve unveiled an oversized interest rate cut.

Shares of home improvement chains Home Depot and Lowe's were also up about 2% in premarket trading on Thursday. The average 30-year fixed rate mortgage rate recently declined to 6.20% according to Freddie Mac, from a high of nearly 8% months ago. Homebuilder stocks have rallied recently with the S&P 500 Homebuilding Index gaining more than 30% so far this year compared to a 17% rise in the S&P 500 Index , pricing in expectations of further rate cuts and the corresponding easing in mortgage rates.Emma Raducanu came through a gripping and often high-class battle with eighth seed Yue Yuan as she reached the quarter-finals of Seoul in entertaining style.

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