Homebuilder stocks take a broad beating after jobs data sends Treasury yields to fresh 16-year highs

Shares of homebuilders were taking a broad beating Friday, after the stronger-than-expected jobs data sent Treasury yields to fresh 16-year highs, making new homes less affordable. The iShares U.S. Home Construction ETF ITB, -0.74% sank 1.2% toward a four-month low, with 43 of 46 components losing ground. Among the more-active homebuilder components, shares of D.R. Horton Inc. DHI, -0.24% declined 0.8%, of Lennar Corp. LEN, -0.49% lost 0.9%, of PulteGroup Inc. PHM, -1.34% fell 1.

17% is also a component, and the stock fell 1.3%. Mortgage rates are based on the yield of the 10-year Treasury note TMUBMUSD10Y, 4.828%, and that yield jumped 0.120 percentage points to 4.837%, toward the highest closing yield since Aug. 8, 2007. And the yield on the 30-year Treasury bond TMUBMUSD30Y, 4.983% leapt 0.121 percentage points to 5.007% toward the first close above the 5% threshold since Aug. 15, 2007. The homebuilder ETF has tumbled 15.9% since closing at a record $89.31 on Aug.

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Stocks of Permian peers of Pioneer Natural Resources rally in wake of WSJ report that buyout by Exxon Mobil is closeTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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Magnificent 7 stocks all see red after strong jobs dataTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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