iShares U.S. Home Construction ETF (BATS: ITB)

에 대한 최신 뉴스 iShares U.S. Home Construction ETF (BATS:ITB)

iShares U.S. Home Construction ETF

Consumer Cyclical

Industrials

Basic Materials

The Fund seeks to track the investment results of the Dow Jones U.S. Select Home Construction Index (the Underlying Index), which measures the performance of the home construction sector of the U.S. equity market, as defined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI). The Underlying Index includes companies that are constructors of residential homes, including manufacturers of mobile and prefabricated homes; manufacturers and distributors of furniture; retailers and wholesalers concentrating on the sale of home improvement products; and producers of materials used in the construction and refurbishment of buildings and structures. The companies selected for inclusion in the Underlying Index must meet minimum market capitalization requirements, as determined by the Index Provider. The Underlying Index includes large-, mid- or small-capitalization companies and may change over time. As of March 31, 2024, a significant portion of the Underlying Index is represented by securities of companies in the consumer discretionary, home construction and industrials industries or sectors. The components of the Underlying Index are likely to change over time.

D.R. Horton Inc - Common

Lennar Corp. Class A

Pultegroup Inc.

Nvr Inc Common Stock Usd 0.01

Sherwin Williams Co/The

Topbuild Corp

Lowes Cos., Inc.

Toll Brothers Inc

Home Depot Inc/The

Builders Firstsource Inc

Lennox International Inc

iShares US Home Construction ETF

Businessman,Pointing,At,Etf,(exchange,Traded,Funds).,Investment,Opportunities,In

Equities

Macro Economic Events

Mid Cap

Sector ETFs

Small Cap

Economics

Federal Reserve

ETFs

ARHS

BLDR

EGBN

iShares Dow Jones US Homenstruction Index Fund

NOVA

SEDG

특정 상장지수펀드(ETF)는 잭슨 홀 심포지엄에서 제롬 파월 연방준비제도(연준) 의장의 연설 이후 상당한 급등을 경험했다. 파월 의장은 &#34;정책이 조정될 때가 되었다&#34;고 말했다.

파월의 연설 이후 금리 인하를 갈망하는 주식 상승세 촉발: 금리 인하에 유리한 3개의 ETF

Thermometer during heat wave

News

Politics

Markets

General

First Trust Alternative Absolute Return Strategy ETF

FAAR

PowerShares ETF Trust Dynamic Building &nstruction Portfolio

WEAT

미국의 도시들이 계속해서 역사적인 폭염 기록을 경신함에 따라 전국의 근로자들, 의회의원들, 기업들에서는 주정부가 폭염 상황에서 근로자를 보호해야 하는가에 대한 논쟁을 시작하고 있다.

美 폭염으로 기록이 깨졌지만 2024년 선거 결과로 근로자 보호가 인질로 잡힐 수도

wall street ai11

Biotech

Large Cap

Market Summary

REIT

Broad U.S. Equity ETFs

Specialty ETFs

Health Care

Commodities

Econ #s

Tech

Real Estate

AAUKF

COPX

SPDR Dow Jones Industrial Average ETF Trust

FILL

iShares Dow Jones US Broker Dealers Index Fund

iShares Dow Jones US Insurance Index Fund

iShares Dow Jones US Regional Banks Index Fund

iShares U.S. Digital Infrastructure and Real Estate ETF

IDGT

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

iShares Dow Jones US Oil Equipment & Services Index Fund

iShares Dow Jones US Pharmaceuticals Index Fund

iShares Dow Jones US Health Care Provides Index Fund

iShares Dow Jones US Medical Devices Index Fund

ILIT

iShares Dow Jones US Aerospace & Defense Index Fund

iShares Trust Dow Jones US Financial Services Index Fund

iShares Dow Jones Transportation Average Index Fund

PAAS

PICK

iShares FTSE NAREIT Mortgage PLUS Capped Index Fund

iShares FTSE NAREIT Residential PLUS Capped Index Fund

RING

SLVP

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

XLRE

Select Sector SPDR-Consumer Discretionary

4월을 마무리하면서, 이번달에 가장 성과가 뛰어난 섹터와 산업 교환 펀드들을 순위화 할 시간이다.



주가를 더 넓은 시각에서 보면, S&amp;P 500 지수는 SPDR S&amp;P 500 ETF 트러스트(NYSE:SPY)로 표현되는 4월에 약 3% 하락하여 4월을 마감했다. 이로써 지난 5개월간 상승 기간이 끝난 셈이다.  



유사하게 Invesco QQQ

월가에 소나기 내린 4월: 우울한 시장에 광업 및 유틸리티 부문이 상승하며 부상

<a href="https://www.benzinga.com/etfs">Homebuilder ETFs</a> posted modest gains Wednesday after a slight uptick in housing starts, but the rally may prove short-lived. 
During Wednesday afternoon trading, both the iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and the SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) gained over 1%. Markets are possibly applauding May&#8217;s 0.4% increase in single-family housing starts. However, a deeper look shows cracks forming: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/topic/housing-market">Building permits</a> fell 2.7%</li>
<li>Builder sentiment hit a 2.5-year low</li>
<li>And <a href="https://www.benzinga.com/money/mortgage-rates">mortgage rates</a> remain near 6.8%. </li>
</ul>
These warning signs suggest structural headwinds ahead, with ETFs potentially facing renewed pressure if <a href="https://www.benzinga.com/news/25/04/44885312/for-sale-but-no-takers-the-us-housing-markets-awkward-standoff">affordability doesn't improve</a> and new construction momentum stalls.
Also Read: <a href="https://www.benzinga.com/real-estate/25/06/46000636/warren-buffetts-real-estate-business-sounds-alarm-overpriced-homes-need-reductions">Warren Buffett&#8217;s Real Estate Business Sounds Alarm: &#8216;Overpriced&#8217; Homes Need Reductions</a>
<h2 class="wp-block-heading">Homebuilder ETFs: Ride A Brief High?</h2>
Fewer building permits, a leading indicator of construction activity, and the lowest builder sentiment in two and a half years suggest a slowdown. 
While homebuilding starts indicate what&#8217;s currently being constructed, permits indicate what&#8217;s coming down the pike, and currently, what&#8217;s coming down the pike may be less.
ITB has heavy exposure to large U.S. homebuilders, including: D.R. Horton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), Lennar (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>), and PulteGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>). This ETF is extremely sensitive to current housing trends, as it is still off about 8% year to date.
XHB, with a more diverse mix of housing stocks, ranging from builders to furnishing and materials suppliers, tracked the advances but still trails broader market indices.
Simply put: construction momentum is leveling off. A declining permit number generally translates into fewer future starts. And the ETFs have been losing steam quickly this year, with ITB down more than 13% and XHB down 9% this year so far.
<h2 class="wp-block-heading">Confidence Cracks And Cost Pressures</h2>
National Association of Home Builders (NAHB) says builder sentiment for June fell to its lowest level since late 2022, per Reuters. Close to 37% of builders said they had provided price discounts or buyer concessions, a sign of slowing demand. High mortgage rates, sitting at around 6.8%, are also stressing affordability and holding potential buyers at bay.
For ITB and XHB ETFs, that will happen at the expense of short-term pops being trumped by long-term structural headwinds, particularly if the Federal Reserve takes its time cutting rates and supply costs stay high.
Investors must be cautious. The three factors — falling permits, declining sentiment, and still-elevated borrowing costs —could make this 1% rally a head fake. 
Without a sustained fall in mortgage rates or an improvement in permitting, homebuilder ETFs will continue to be under pressure.
Read Next:<a href="https://www.benzinga.com/news/25/06/45999567/uup-vs-the-herd-contrarian-dollar-etfs-in-focus-as-sentiment-hits-20-year-low"> </a>
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/06/45999567/uup-vs-the-herd-contrarian-dollar-etfs-in-focus-as-sentiment-hits-20-year-low">UUP Vs. The Herd: Contrarian Dollar ETFs In Focus As Sentiment Hits 20-Year Low</a></li>
</ul>
Image: Shutterstock

Homebuilder ETFs Climb On Thin Foundation As Permits, Sentiment Slide

Capstone Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAPS#NASDAQ">CAPS</a>) shares jumped on Friday after the building products distributor <a href="https://www.benzinga.com/pressreleases/25/05/ac45465443/capstone-reaffirms-100m-revenue-target-for-2025-accelerates-m-a-strategy-with-flexible-growth-cap" target="_blank" rel="noreferrer noopener">reaffirmed its 2025 financial targets</a>.
The firm, a building products distribution company, also posted a stable first-quarter update.
Illinois-based Capstone remains on track to reach $100 million in revenue and $10 million in adjusted EBITDA by year-end. A mix of organic growth and acquisitions fuels the momentum.
Capstone is pursuing multiple deals at 4–6x EBITDA, with up to 45% of consideration in non-cash terms, aimed at maximizing earnings while minimizing dilution. CEO Matthew Lipman said the company is positioned to double in size, supported by favorable deal valuations and strong operational performance.
Also Read: <a href="https://www.benzinga.com/news/25/04/44709544/exclusive-capstone-eyes-100-million-goal-with-southeast-expansion-targets-1500-acquisition-opportunities" target="_blank" rel="noreferrer noopener">Capstone Eyes $100 Million Goal With Southeast Expansion, Targets 1,500 Acquisition Opportunities</a>
Capstone secured a flexible equity line of credit to fund acquisitions, which it plans to use only for transactions immediately accretive to earnings.
The firm&#8217;s subsidiary, Instone, maintained margin targets and cost discipline, despite weather-related project delays in the Northeast and Midwest. Management expects a recovery in activity by Q3. Instone also expanded geographically and continued rolling out proprietary products like Toro and Pangea.
Capstone's acquisition strategy spans tuck-ins and new platforms, allowing it to scale quickly amid persistent housing demand.
Price Action: CAPS shares are trading higher by 82.53% at $3.03 premarket on Friday.
Now Read:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45466937/us-targets-european-digital-rules-in-free-speech-campaign-defending-american-big-tech">US Slams Europe&#8217;s Digital Laws, Calls Them A Danger To Free Expression And American Big Tech</a></li>
</ul>
Image: Shutterstock

Guidance

BECN

CAPS

Capstone Takes Big Swing On Acquisitions, Shares Soar

PulteGroup, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) shares are trading higher after the company <a href="https://www.benzinga.com/pressreleases/25/04/b44917569/pultegroup-inc-reports-first-quarter-2025-financial-results" target="_blank" rel="noreferrer noopener">reported first-quarter 2025 results</a>.
Total revenues of&nbsp;$3.89 billion&nbsp;topped the consensus of&nbsp;$3.82 billion.
Adjusted earnings per share of $2.57 <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">beat the consensus estimate of $2.45.</a>
Home sale revenues fell 2% year over year (Y/Y) to $3.7 billion. This reflects a 7% decline in closings to 6,583 homes and an average sales price of $570,000 (+6% Y/Y).
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44173570/analyst-predicts-moderate-decline-in-housing-starts-for-2025-upgrades-pultegroup" target="_blank" rel="noreferrer noopener">Analyst Predicts Moderate Decline In Housing Starts For 2025, Upgrades PulteGroup</a>
The gross margin contracted 210 basis points Y/Y. Home sales gross margin stood at&nbsp;27.5% in the quarter.
Net new orders fell to 7,765&nbsp;from 8,379 homes last year, and the dollar value of net new orders dipped to $4.5 billion&nbsp;from $4.7 billion in the quarter.
At the end of the&nbsp;first quarter, the company's backlog was 11,335&nbsp;homes, valued at&nbsp;$7.2&nbsp;billion.
The company ended the quarter with&nbsp;$1.3&nbsp;billion&nbsp;of cash and a debt-to-capital ratio of&nbsp;11.7%.
During the quarter, the company repurchased 2.8&nbsp;million of its common shares for&nbsp;$300&nbsp;million, or an average price of&nbsp;$108.03&nbsp;per share.
At the quarter-end, the company had $1.9 billion remaining under its existing share repurchase authorization.
PulteGroup CEO Ryan Marshall credited the company&#8217;s &#8220;broadly diversified operating platform and strategic approach&#8221; for delivering &#8220;high returns.&#8221;
&#8220;Given the structural shortage of housing, we remain constructive on long-term housing demand, and are adapting to the short-term impacts on consumer demand resulting from greater economic and financial uncertainty,&#8221; he added.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and Pacer US Cash Cows Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUL#NYSE">BUL</a>).
Price Action: PHM shares are trading higher by 2.57%&nbsp;at&nbsp;$95.50 in premarket at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/content/44627261/homebuilders-in-freefall-bargain-opportunity-or-falling-knife" target="_blank" rel="noreferrer noopener">Homebuilders in Freefall: Bargain Opportunity or Falling Knife?</a></li>
</ul>

Earnings

Movers

PulteGroup Tops Q1 Estimates Despite Drop In Closings As Housing Slowdown

D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44859294/d-r-horton-inc-americas-builder-reports-fiscal-2025-second-quarter-earnings-and-declares-quarterly" rel="noreferrer noopener">second-quarter FY25 results</a> on Thursday.
Sales fell&nbsp;15% year-over-year (Y/Y) to&nbsp;$7.73&nbsp;billion, missing the consensus of&nbsp;$8.03 billion. EPS was&nbsp;$2.58,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">missing the consensus of&nbsp;$2.67.</a> Net sales orders fell&nbsp;15%&nbsp;Y/Y to 22,437&nbsp;homes and&nbsp;decreased&nbsp;17% Y/Y&nbsp;in value to&nbsp;$8.4 billion.
Homebuilding revenue declined&nbsp;15%&nbsp;Y/Y&nbsp;to&nbsp;$7.2&nbsp;billion. Homes closed in the quarter fell&nbsp;15% Y/Y to 19,276 homes.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/43246599/bofa-downgrades-dr-horton-and-smith-douglas-citing-cost-pressures-and-weak-roe-outlook" rel="noreferrer noopener">Homebuilders Brace For Tough 2025, Analyst Downgrades D.R. Horton And Smith Douglas Amid Market Pressures</a>
The sales order backlog of homes under contract as of March 31, 2025, decreased&nbsp;21% year over year to 14,164&nbsp;homes and&nbsp;22% year over year in value to&nbsp;$5.5&nbsp;billion.
D.R. Horton had 36,900&nbsp;homes in inventory, of which 23,500&nbsp;were unsold as of March 31, 2025.
Return on equity was&nbsp;17.4%, and return on assets stood at&nbsp;12.2% for the trailing twelve months ended March 31, 2025.
Operating cash flow stood at&nbsp;$210.5&nbsp;million in the six months ended March 31, 2025.
As of March 31, 2025, the cash balance was&nbsp;$2.5&nbsp;billion, and the available capacity on its credit facilities was&nbsp;$3.3&nbsp;billion, for a total liquidity of&nbsp;$5.8&nbsp;billion.
Buyback: D.R. Horton repurchased 9.7&nbsp;million shares for&nbsp;$1.3&nbsp;billion&nbsp;during the quarter. The company's remaining stock repurchase authorization as of March-end&nbsp;was&nbsp;$1.2&nbsp;billion.
In April 2025, the Board of Directors approved a new $5.0 billion share repurchase authorization, replacing the prior program, which had $1.1 billion remaining following post-quarter-end buybacks.
Dividend: Subsequent to year-end, the company declared the quarterly dividend of&nbsp;$0.40&nbsp;per share, payable on May 9, to shareholders of record as of May 2, 2025.
FY25&nbsp;Outlook: D.R. Horton revised its revenue guidance to&nbsp;$33.3 billion-$34.8 billion (from $36.0 billion –&nbsp;$37.5 billion) versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the&nbsp;consensus of&nbsp;$36.4 billion</a>.
It now expects homes closed to be 85,000-87,000 homes (vs. 90,000-92,000 homes prior) for the year.
DHI projects FY25 operating cash flow to be greater than $3.0 billion.
The company revised its share repurchase outlook for FY25&nbsp;to approximately $4.0 billion (from&nbsp;$2.6 billion—$2.8 billion&nbsp;earlier).
The company continues to expect dividend&nbsp;payments of around&nbsp;$500 million.
David Auld, Executive Chairman, said, "The 2025 spring selling season started slower than expected as potential homebuyers have been more cautious due to continued affordability constraints and declining consumer confidence."
"Our tenured operators are responding appropriately to market conditions by increasing sales incentives where necessary to drive traffic and incremental sales, while carefully balancing pace versus price to maximize returns."
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;Exchange Listed Funds Trust Long Pond Real Estate Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPRE#NYSE">LPRE</a>).
Price Action:&nbsp;DHI shares are down 3.86% at $113.00&nbsp;premarket at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/dividends/25/04/44863342/retail-giant-costco-raises-dividend-by-12" target="_blank" rel="noreferrer noopener">Retail Giant Costco Raises Dividend By 12%</a></li>
</ul>

LPRE

Homebuyers Cautious Due To 'Continued Affordability Constraints And Declining Consumer Confidence:' D.R. Horton Cuts Annual Outlook

Wedbush analyst Jay McCanless reiterated a <a target="_blank" href="https://www.benzinga.com/quote/len/analyst-ratings" rel="noreferrer noopener">Neutral rating</a> on Lennar Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) ahead of its first quarter <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">FY25 earnings release on March 20</a>.
For the first quarter, the analyst estimates EPS of $1.70 versus the Refinitiv consensus estimate of $1.75 and revenue of $7.5 billion (+3% YoY vs. cons. of +2% YoY). The estimates do not account for the <a target="_blank" href="https://www.benzinga.com//node/43625476" rel="noreferrer noopener">recent&nbsp;</a><a target="_blank" href="https://www.benzinga.com//node/43625476" rel="noreferrer noopener">Millrose Properties</a><a target="_blank" href="https://www.benzinga.com//node/43625476" rel="noreferrer noopener"> spin-off.</a>
Also, McCanless expects a 2% YoY decrease in orders to 17.8k homes for the quarter, in line with the consensus.
The analyst sees total closings of 17.2k, which is at par with Lennar&#8217;s guidance and the consensus estimate.
Also, the housing gross margin is expected at 19.1%, down 270bps YoY and in line with the company&#8217;s guidance, adds the analyst.
The analyst says that the gross margin and EPS estimates for the quarter are below consensus due to the expectation that mortgage rate volatility will likely impact Lennar&#8217;s housing gross margin and earnings negatively.
McCanless says he expects a strategy update from management as the Millrose spin-off is completed, potentially covering topics like equity investments in public stocks, Opendoor, and others.
Also, the analyst expects to get an operational update on the Millrose spin-off and any associated deal-related expenses.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Home Construction ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and John Hancock Fundamental All Cap Core ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHAC#NYSE">JHAC</a>).
Price Action: LEN shares are up 0.15% at $118.68 at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/price-target/25/03/44383094/bofa-securities-analyst-projects-millrose-spin-off-to-weigh-on-lennars-earnings-cuts-price-target" target="_blank" rel="noreferrer noopener">BofA Securities Analyst Projects Millrose Spin-Off To Weigh On Lennar&#8217;s Earnings, Cuts Price Target</a></li>
</ul>
Photo via Shutterstock.

Analyst Color

Reiteration

Analyst Ratings

Trading Ideas

JHAC

Analyst Takes A Cautious View On Lennar Ahead Of Q1 Earnings - Here's Why

The U.S. housing market saw a notable rebound in February, with single-family homebuilding jumping 11.4% to a seasonally adjusted annual rate of 1.108 million units, according to Reuters. This is welcome news for investors after a sluggish January, but does it mean <a href="https://www.benzinga.com/etfs">homebuilding ETFs</a> are poised for a turnaround? Let&#8217;s break it down.
Homebuilder ETFs: A Rough Year
If you've been holding homebuilder ETFs, it's likely been a bumpy ride:
iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>): Shares are down over 11% over the last 12 months. Assets under management (AUM) are also down around 20% in the same duration.
SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>): Shares are over 6% lower since last year. Also, AUM dipped almost 28% since March 2024.
Also Read: <a href="https://benzinga.com/analyst-ratings/analyst-color/25/03/44200622/lennar-kb-home-face-tougher-housing-market-goldman-sachs-cuts-forecast-amid-slowing-demand">Lennar &amp; KB Home Face Tougher Housing Market, Goldman Sachs Cuts Forecast Amid Slowing Demand</a>
Direxion Daily Homebuilders &amp; Supplies Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NAIL#NYSE">NAIL</a>): Shares dropped over 48% because of its leveraged exposure, while the AUM dropped 5% over the same time.
Higher mortgage rates, expensive housing prices, and uncertainty in the economy have damped the sector, making it hard for builders of homes to survive. NAIL&#8217;s decrease, a leveraged ETF, shows the level of volatility that has characterized the industry.
Notably, in December last year, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42488357/homebuilders-2025-outlook-more-cautious-less-constructive-analyst-says">JPMorgan analysts adopted a cautious stance</a> for 2025, citing concerns over affordability, interest rates, and employment growth in the homebuilders market. Analyst Michael Rihault said home price growth is likely to moderate due to rising existing and new home supply in key markets. Also, JPMorgan foresees downside risks to gross margins, home sales pace, and return on equity, painting a challenging outlook for the sector.
A Solid Rebound, But One With Challenges
The housing industry has been fighting several headwinds—increasing building costs, labor shortages, and economic uncertainty, according to report by Reuters. President Donald Trump&#8216;s tariffs on Chinese imports have risen to 20%, and fresh tariffs on steel and aluminum are putting pressure. Builders are also facing labor shortages, fueled by immigration crackdowns.
On the other hand, there are a few encouraging signs. Mortgage rates, which rose as high as 7% at the beginning of the year, have begun to fall. More affordable rates would enhance affordability, and thus maybe demand. However, with building permits for upcoming construction down 0.2% in February, it is obvious that developers remain cautious.
Should You Invest In Homebuilder ETFs Now?
Although the industry is picking up, it is not clear if this bounce is the beginning of a long-term recovery or merely a short-term fluctuation. Investors need to look at their risk tolerance before they invest in homebuilder ETFs.
For risk-averse investors, ITB and XHB may provide exposure to the industry without too much volatility.
For aggressive investors, NAIL might be attractive, but its leveraged status involves large fluctuations in value.
The Bottom Line
The American housing market is precarious. The February boost in housing starts is a good sign, but tariffs, labor bottlenecks, and uncertainty are still in the air. Although homebuilder ETFs have faltered, things can turn around if mortgage rates keep falling and demand picks up.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/sector-etfs/25/03/44382780/3-best-performing-semiconductor-etfs-since-last-gtc-and-why-this-time-is-different">3 Best-Performing Semiconductor ETFs Since Last GTC And Why This Time Is Different</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

NAIL

Homebuilder ETFs Await Clearer Signals Amid Housing Market Uncertainty

BofA Securities analyst Rafe Jadrosich updated the price forecast for Lennar Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) to reflect the impact of the weak housing market and <a href="https://www.benzinga.com/quote/len/analyst-ratings" target="_blank" rel="noreferrer noopener">the </a><a href="https://www.benzinga.com/quote/len/analyst-ratings" target="_blank" rel="noreferrer noopener">Millrose Properties</a><a href="https://www.benzinga.com/quote/len/analyst-ratings" target="_blank" rel="noreferrer noopener"> spin-off</a>.
The analyst slashed the price forecast to $130 from $140 while retaining a Neutral rating.
Last month, the company completed the spin-off, contributing&nbsp;$5.5 billion&nbsp;in land <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43625476/lennar-completes-spin-off-of-millrose-properties" rel="noreferrer noopener">assets and&nbsp;$1.0 billion in cash</a>.
Jadrosich noted Lennar will pay Millrose an annual option fee of 8.5%, which is expected to be reflected in the cost of goods sold.
The analyst projected a modest net income headwind from Millrose in 2025 (~2%), which was expected to gradually rise to a 6% headwind by 2027 as the land delivered accrued more interest.
Additionally, Jadrosich expected a 30 basis point headwind to gross margin in 2025, with this impact progressively increasing to 85 basis points by 2027.
The analyst wrote Millrose spin-off lowers their tangible book value (TBV) per share forecast by approximately 17%, but it boosts the analyst&#8217;s return on tangible equity (ROTE) forecast by 240bps, 260bps, and 270bps for 2025, 2026, and 2027, respectively.
Meanwhile, Jadrosich expected stronger ROTE tailwinds after 2025 due to the timing of share repurchases.
The analyst projected a $942 million drag on free cash flow (FCF) in 2025 due to the Millrose, which includes a $442 million option payment and a $500 million land deposit related to the spin.
After this initial cash flow headwind, FCF generation is expected to improve with faster inventory turns, added the analyst.
Due to the elevated FCF headwind in 2025, Jadrosich cut the repurchase forecast down to $750 million (from $2.2 billion) but anticipated a significant increase to $2.7 billion in 2026 and $3.0 billion in 2027.
Investors can gain exposure to the stock via iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and John Hancock Fundamental All Cap Core ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHAC#NYSE">JHAC</a>).
LEN Price Action: Lennar shares are down 0.33% at $118.57 at publication Tuesday.
Read Next:
 • <a href="https://www.benzinga.com/25/03/44257955/analyst-turns-cautious-on-lennar-lowers-expectations-as-risks-mount-in-housing-sector" target="_blank" rel="noreferrer noopener">Lennar Analyst Moves To Sidelines, Downgrades Stock And Awaits Better Entry Point</a>
Courtesy: Lennar Corp.

Price Target

BofA Securities Analyst Projects Millrose Spin-Off To Weigh On Lennar's Earnings, Cuts Price Target

Keefe, Bruyette &amp; Woods analyst Jade J. Rahmani downgraded Lennar Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) from Outperform to Market Perform and reduced <a target="_blank" href="https://www.benzinga.com/quote/LEN/analyst-ratings" rel="noreferrer noopener">the price forecast from $152 to $141.</a>
The analyst writes that the company&#8217;s valuation is now comparable to large-cap peers, with potential downside risks to estimates.
The analyst expects a challenging Spring selling season and growing risks to gross margin due to the tough macro environment and uncertainty <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43625476/lennar-completes-spin-off-of-millrose-properties" rel="noreferrer noopener">from the </a><a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43625476/lennar-completes-spin-off-of-millrose-properties" rel="noreferrer noopener">Millrose Properties</a><a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43625476/lennar-completes-spin-off-of-millrose-properties" rel="noreferrer noopener"> spin-off</a>.
Consequently, Rahmani stated that he had adopted a more cautious approach towards the company. The analyst moves to the sidelines and awaits a better entry point.
While the analyst still sees the company as well-positioned due to several factors, such as its low financial leverage, potential ROE upside from the Millrose spin-off, and capital efficiency initiatives, the current housing market presents significant challenges.
The analyst cut the 2025-2026 estimates by 3%-4% to $11.89 and $13.44.
Rahmani continues to see order growth of 3% &#8211; 7% for the period. Meanwhile, the analyst revised estimates for deliveries growth to 5% &#8211; 6% (vs. prior estimates of 5% &#8211; 7%), gross margin to be 20.0% &#8211; 20.3% (vs. 20.3% &#8211; 20.5% earlier), and SG&amp;A to 7.6% &#8211; 7.7% (vs. 7.6% prior).
Investors can gain exposure to the stock via&nbsp;iShares U.S. Home Construction ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and John Hancock Exchange-Traded Fund Trust John Hancock Fundamental All Cap Core ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHAC#NYSE">JHAC</a>).
Price Action: LEN shares are down 3.12% at $121.32 at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44200622/lennar-kb-home-face-tougher-housing-market-goldman-sachs-cuts-forecast-amid-slowing-demand" target="_blank" rel="noreferrer noopener">Lennar &amp; KB Home Face Tougher Housing Market, Goldman Sachs Cuts Forecast Amid Slowing Demand</a></li>
</ul>
Photo via Shutterstock.

Downgrades

Lennar Analyst Moves To Sidelines, Downgrades Stock And Awaits Better Entry Point

Seaport Global analyst Kenneth Zener upgraded PulteGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) from Sell to Neutral and <a target="_blank" href="https://www.benzinga.com/quote/phm/analyst-ratings" rel="noreferrer noopener">announced a price forecast of&nbsp;$100</a>.
The analyst writes that his ratings begin with long-term investors&#8217; benchmark relative weighting decisions, analyzing past cycle stock performance by quartiles (cycle time divided by 4).
Historical data suggests that absolute declines are still likely, but the sector&#8217;s risk-to-return profile flattens, providing an opportunity for early-cycle positioning with asymmetric returns when the cycle turns, adds the analyst.
The analyst says the sector&#8217;s historical decline of 41% over the past 21 cycles, with the upper half of stocks falling 24%, while the lower half dropped 49%. Returns in the third quartile fell 26%, with another 15% decline into the trough.
Zener expects the second quarter of FY25 to start to fall by 15%-20% in the first half of 2025 to lower the new supply.
The analyst says that starts of 993k (2-mth avg) vs. Trough 847k are poised to accelerate declines.
New Under-construction / Complete 40% above LT levels (390k vs ~280k), per the analyst.
The analyst remains cautious that sustained GDP growth will be benign to inflation.
In January, the company reported&nbsp;fourth-quarter revenues of $4.92 billion, topped the consensus of $4.635 billion, and adjusted EPS of $3.50,&nbsp;beating <a target="_blank" href="https://www.benzinga.com/25/01/43336230/why-pultegroup-stocks-are-rising-in-premarket-today" rel="noreferrer noopener">the consensus estimate of $3.27</a>.
Investors can gain exposure to the stock via iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and SPDR Series Trust SPDR Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>).
Price Action: PHM shares are up 0.74% at $106.76 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/03/44164783/logitech-projects-steady-growth-in-fy26-announces-2-billion-share-buyback-plan-more" target="_blank" rel="noreferrer noopener">Logitech Projects Steady Growth In 2026, Announces $2 Billion Share Buyback Plan</a></li>
</ul>
Image via Shutterstock.

Upgrades

Analyst Predicts Moderate Decline In Housing Starts For 2025, Upgrades PulteGroup

TopBuild Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLD#NYSE">BLD</a>) shares are trading lower premarket on Tuesday after the company reported fourth-quarter sales of $1.31 billion <a href="https://www.benzinga.com/pressreleases/25/02/g43936044/topbuild-reports-fourth-quarter-and-year-end-2024-results-provides-2025-outlook-and-announces-new-" target="_blank" rel="noreferrer noopener">in line with the consensus</a>.
<ul>
<li>Sales increased 2.0% Y/Y, led by a 6.6% Y/Y rise in the Specialty Distribution segment. </li>
<li>The Installation segment was relatively flat Y/Y in the quarter.</li>
<li>Adjusted gross margin contracted to 29.9% from 30.4% a year ago quarter, while adjusted EBITDA Margin improved to 19.7% from 19.6% in the prior-year quarter.</li>
<li>Adjusted EPS&nbsp;of $5.13&nbsp;exceeded <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of $5.05</a>.</li>
<li>As of Dec. 31, cash and cash equivalent stood at $400.3 million.</li>
</ul>
Buyback: TopBuild repurchased 134,872 shares totaling $47.2 million.
The board authorized the repurchase of up to $1.0 billion of the company&#8217;s shares, bringing the total repurchase availability to $1.2 billion.
This includes the $188.1 million remaining from the prior authorization as of December 31, 2024.
Outlook: TopBuild projects FY25 sales of $5.05 billion-$5.35 billion, vs. previous estimate of $5.465 billion, with adjusted EBITDA expected <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">between $925 million and $1.075 billion</a>.
TopBuild CEO Robert Buck listed tailwinds for the business: 
<ul>
<li>Low housing inventory</li>
<li>Population growth</li>
<li>Demographic shifts</li>
<li>Ongoing initiatives to reduce energy consumption and decrease utility costs, and manage emissions.</li>
</ul>
Investors can gain exposure to the stock via&nbsp;iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>).
Price Action: BLD shares are down 2.96% at $293.11 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42250648/plug-power-evgo-among-jpmorgans-top-sustainable-picks-for-2025" target="_blank" rel="noreferrer noopener">Plug Power, EVgo Among JPMorgan&#8217;s Top Sustainable Picks For 2025</a></li>
</ul>

Buybacks

TopBuild Stock Dips After Reporting Mixed Q4 Results, Guides FY25 Sales Below Consensus

The January Consumer Price Index came in higher than expected with inflation hot to start<a href="https://www.benzinga.com/government/regulations/25/02/43656846/inflation-rises-more-than-expected-in-january-chills-interest-rate-cut-hopes"> 2025.</a>
What Happened: CPI rose 3% on a year-over-year basis in January, missing expectations for 2.9%. <a href="https://www.benzinga.com/topic/cpi">CPI was up</a> 0.5% on an adjusted basis from December to January, up from 0.4% in the previous report.
Rising inflation figures have now pushed back expectations for a Federal Reserve rate cut to December 2025.
The 0.5% <a href="https://www.bls.gov/news.release/pdf/cpi.pdf">monthly </a>CPI figure was the largest increase since August 2023 and it adds to consumers&#8217; worries for 2025 on the heels of potential tariffs that could increase prices on everyday goods and services.
Within the CPI report, housing data showed rising costs. Rent of primary residence rose 0.3% in January and rose 4.2% on a year-over-year basis.
Owners' equivalent of residences was also up 0.3% in January and is now up 4.6% on a year-over-year basis.
While the housing figures rose in January, rent price inflation is cooling. Comerica Bank&#8217;s chief economist Bill Adams said the cooling rent price inflation was the "one piece of good news for consumers" in the CPI report.
"The year-over-year increase of rent of primary residence was the coolest since February 2022," Adams said, adding that the report showed rent increases could show relief in the rest of 2025.
Core CPI, which excludes food and energy rose 0.4% in January and is up 3.3% on a year-over-year basis, rising from 3.2% year-over-year in the last report.
Economist Joseph Brusuelas highlighted the rising rents and housing costs in his breakdown of the CPI data.
"Take a look at rents. They are up 4.6% from one year ago. Housing costs up 3.8%, rent of primary residence 4.2% and shelter 4.4%. Even lodging away from home is up 3%," Brusuelas tweeted.
Read Also:<a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43660298/inflation-spike-sparks-dollar-rally-yields-jump-while-bitcoin-stocks-slide-as-interest-rate-cut-doubts-grow"> Inflation Spike Sparks Dollar Rally: Yields Jump, Bitcoin And Stocks Slide As Interest Rate Cut Doubts Grow</a>
Why It's Important: Ahead of the CPI report, President Donald Trump called for lower interest rates. With rising inflation and a worse than expected report, the Federal Reserve could delay further rate cuts.
On Tuesday, Federal Reserve Chair Jerome Powell told the Senate Banking Committee the Fed<a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43628752/feds-powell-reiterates-no-hurry-to-cut-interest-rates-as-inflation-remains-somewhat-elevated"> was in no hurry</a> to adjust interest rates. Powell cited continued inflation as the Fed works towards a 2% inflation goal.
"Inflation remains somewhat elevated," Powell said.
While the Fed has cut rates in recent months, Powell said "we do not need to be in a hurry to adjust our policy stance."
Mortgage rates do not always go down when the Federal Reserve cuts interest rates, but the two items often trade in pair. With concerns that the Fed will not cut rates again until late 2025, mortgage rates could face pressure and consumers looking to buy homes could be forced to wait for lower rates and rent or pay the higher price.
Mortgage rates sat at 6.9% for a 30-year fixed mortgage at the time of writing.
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, is down 0.6% to $601.51 on Wednesday.
The Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) is down 1.5% to $90.65 on Wednesday.
The iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) is down 3.1% to $100.49 on Wednesday.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/bonds/25/01/42963973/housing-demand-falls-as-average-30-year-mortgage-rate-above-7">Housing Demand Falls As Average 30-Year Mortgage Rate Above 7%</a></li>
</ul>
Photo: Shutterstock

Inflation Rises In January, Housing Costs Up, Adding To Consumers' 2025 Concerns

Hedge funds have always been closely watched for cues on investment opportunities. Although their strategies can be complex, understanding the trends they're bullish on can offer important insights for retail investors. 
Siddharth Singhai, CIO of value-based global hedge fund IronHold Capital, recently shared his perspective on sectors worth watching, and how <a href="https://www.benzinga.com/etfs">ETFs can help investors</a> capitalize on these themes. 
From automobiles and homebuilding to mining and AI, here are some ETFs based on his insights:
<h1 class="wp-block-heading">Automobile Industry On Third Gear</h1>
One area drawing attention is the U.S. auto industry. With protectionist policies likely to intensify under the Trump administration, automakers such as General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) stand to benefit significantly, according to Singhai. 
Possible tariffs on Chinese electric vehicles could set the playing field for these companies, making the U.S. auto sector one to keep a close eye on. 
&#8220;We do anticipate a clear protectionism policy in place for U.S. auto, specifically the big three: General Motors, Ford and Stellantis. Simply because if the tariffs were not put in place against Chinese EVs, U.S. automakers would be at about a 30% to 40% cost disadvantage, which would essentially mean the end of U.S. auto as we know it,&#8221; said Singhai.
However, as a word of caution, he said that one should be wary of auto companies that might face trouble in the face of EV revolution. 
&#8220;We believe U.S. autos and U.S. auto parts suppliers, who have been hit badly due to the excess inventories prevailing in the U.S. auto industry in general, could be a good hunting ground, potentially. Although investors should be focused on auto suppliers that are probably not going to get disrupted by the EV transition,&#8221; Singhai said.
For investors, ETFs like the First Trust S-Network Future Vehicles &amp; Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARZ#NASDAQ">CARZ</a>) offer exposure to the expected surge in domestic automotive manufacturing. The ETF has an expense ratio of 0.7% and among its holdings are Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Ford, General Motors and Stellantis.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43236579/chinas-deepseek-ai-rattles-tech-stocks">China&#8217;s DeepSeek AI Rattles Tech Stocks, Analyst Ives Says Market Plunge &#8216;Golden Buying Opportunity&#8217;</a>
<h1 class="wp-block-heading">Home Building Industry In Focus</h1>
Homebuilders are another promising area, according to Singhai. Despite overvaluation concerns in the equity market, the housing sector continues to experience a significant supply-demand imbalance. Years of undersupply following the 2008 financial crisis created the opportunity for select homebuilding companies to thrive.
&#8220;U.S. market is extremely overvalued at the moment, and there are not that many sectors that could be happy hunting grounds for hedge funds or value investors like us. In general, homebuilders, some of them, seem to be still attractively positioned given the great imbalance between supply and demand, mainly because of years of undersupply post-Great Recession in 2008-&#8217;09. So we believe homebuilders, some of them, present very compelling opportunities,&#8221; Singhai noted.
Investors interested in this space might consider ETFs such as the iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>), which focuses on leading players in the sector, such as Builders Firstsource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>) and Lowes Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>). The expense ratio that this ETF carries is 0.39%.
<h1 class="wp-block-heading">Mining — Hidden Gems To Look For</h1>
Mining is another area that stands out. Many companies in this space, especially low-cost producers, are undervalued and largely overlooked by the market. These firms could see strong performance with a rebound in global demand for raw materials.
&#8220;Mining companies also seem to be hit badly and ignored by investors. You could find some really good mining companies that are the lowest cost producers in their respective industries that could prove to be high performers over the next two to three years,&#8221; Singhai noted from his expertise.
ETFs such as the SPDR S&amp;P Metals and Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) invest in a range of mining companies and could be a good fit for investors looking to capture growth in this area. The ETF carries an expense ratio of 0.35% and holdings in Hecla Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) and Reliance Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RS#NYSE">RS</a>), among others.
<h1 class="wp-block-heading">AI Trends To Watch</h1>
Singhai also touched upon the continued interest in semiconductors and AI. While these industries are undeniably buzzing, he warns against impulsive investing. Many companies in this space are trading at lofty valuations that may not be sustainable. 
&#8220;I do foresee a lot of hedge funds diving right into semiconductors and AI stocks. I also believe more retail investors will seriously consider allocating capital to this particular sector moving forward as well. However, it is ripe with extreme bubble-like valuations. The marquee names in the AI industry are trading for as high as 20 to 50 times revenue, which to us seems excessive even given the promise of AI,&#8221; he said.
Singhai also added, &#8220;Not all AI companies can capture 50% of the market or even 30% of the market, and if they fail to do so, they cannot foreseeably justify their current valuations. This leads us to the ultimate conclusion that there will be a few big winners and many, many losers within the industry. As such, most AI companies do not deserve their expensive, hefty valuations.&#8221;
For those interested in exploring the AI-driven growth story, a diversified ETF like the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) offers exposure to leading players like NVDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Broadcom Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) while mitigating the risks of betting on individual stocks. And the cost of investing in this ETF is also reasonable at 0.35%.
All that said, Singhai emphasized the route of ETFs should be seen as tools for diversification and steady returns — not as a shortcut to mimicking hedge fund performance. It will be wise for retail investors to focus on sectors with solid fundamentals rather than on speculative trends.
See Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/new-etfs/25/01/43198940/how-foliobeyonds-innovative-fixed-income-etf-can-provide-low-risk-income-generation-in-volatile-tim">How FolioBeyond&#8217;s Innovative Fixed Income ETF Can Provide Low-Risk Income Generation In Volatile Times</a></li>
</ul>
Photo: Shutterstock

Hedge Funds

AVGO

CARZ

NVDA

STLA

TSLA

IronHold Capital CIO Reveals Trends Hedge Funds Track: 4 ETFs To Watch

D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) shares traded higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43092125/d-r-horton-inc-americas-builder-reports-fiscal-2025-first-quarter-earnings-and-declares-quarterly-" rel="noreferrer noopener">reported&nbsp;first-quarter&nbsp;results</a>.
Sales fell&nbsp;1%&nbsp;year-over-year to&nbsp;$7.61&nbsp;billion, beating the consensus of&nbsp;$7.08 billion. EPS was&nbsp;$2.61,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$2.44.</a>
Net sales orders fell 1% Y/Y to 17,837&nbsp;homes and&nbsp;decreased&nbsp;2% in value to $6.7&nbsp;billion.
Homebuilding revenue declined 2% Y/Y&nbsp;to&nbsp;$7.2&nbsp;billion. Homes closed in the quarter fell 1%&nbsp;Y/Y to 19,059&nbsp;homes.
Sales order backlog of homes under contract as of December 31, 2024, decreased&nbsp;21%&nbsp;to 11,003&nbsp;homes and&nbsp;21%&nbsp;in value to&nbsp;$4.3&nbsp;billion.
D.R. Horton had 36,200&nbsp;homes in inventory, of which 25,700&nbsp;were unsold as of December 31, 2024.
Return on equity was&nbsp;19.1%&nbsp;for FY24, and return on assets stood at 13.4%. Operating cash flow stood at $646.7 million&nbsp;in the quarter.
As of December 31, 2024, the cash balance was&nbsp;$3.0&nbsp;billion, and the available capacity on its credit facilities was&nbsp;$3.5 billion, for a total liquidity of&nbsp;$6.5&nbsp;billion.
D.R. Horton repurchased 6.8&nbsp;million shares for&nbsp;$1.1 billion during the quarter. The company&#8217;s remaining stock repurchase authorization as of December-end&nbsp;was&nbsp;$2.5&nbsp;billion.
Subsequent to year-end, the company declared the quarterly dividend of&nbsp;$0.40&nbsp;per share, payable on February 14, to shareholders of record as of February 7, 2025.
FY25&nbsp;Outlook: D.R. Horton reiterated its revenue of&nbsp;$36.0 billion&nbsp;–&nbsp;$37.5 billion&nbsp;versus <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the&nbsp;consensus of&nbsp;$37.16 billion</a>.
It expects homes closed to be 90,000 homes-92,000 homes for the year. DHI projects FY25 operating cash flow to be greater than fiscal 2024
The company revised share repurchases outlook to $2.6 billion-$2.8 billion from ~$2.4 billion earlier for FY25. The company expects&nbsp;dividend <a target="_blank" href="https://www.benzinga.com//node/41598041" rel="noreferrer noopener">payments of around&nbsp;$500 million</a>.
David Auld, Executive Chairman, said, &#8220;Although the level of new and existing home inventories has increased from historically low levels, the supply of homes at affordable price points is generally still limited, and demographics supporting housing demand remain favorable.&#8221;
&#8220;Despite continued affordability challenges and competitive market conditions, incentives such as mortgage rate buydowns have helped to address affordability and spur demand.&#8221;
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;Parnassus Income Funds Parnassus Value Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRVS#NYSE">PRVS</a>).
Price Action:&nbsp;DHI shares are up 3.88% at $153.39 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/25/01/43089069/nasdaq-surges-15-amid-gains-in-tech-stocks-investor-sentiment-improves-but-fear-greed-index-remains-in-fear-zone" target="_blank" rel="noreferrer noopener">Nasdaq Surges 1.5% Amid Gains In Tesla, Nvidia: Investor Sentiment Improves, But Greed Index Remains In &#8216;Fear&#8217; Zone</a></li>
</ul>

Dividends

PRVS

D.R. Horton Q1: Earnings Beat Despite Soft Housing Market, FY25 Outlook Reiterated

A flurry of new data is in and the housing market is flashing mixed signals from builders, buyers and analysts. Here&#8217;s what <a href="https://www.benzinga.com/markets/bonds/25/01/42963973/housing-demand-falls-as-average-30-year-mortgage-rate-above-7">you need to know.</a>
The Data: The Census Bureau and the Department of Housing and Urban Development December<a href="https://www.census.gov/construction/nrc/current/index.html"> housing data</a> released Friday was mixed with housing starts beating expectations while housing completions declined. 
Housing starts jumped 15.8% in December to a seasonally adjusted annual rate of 1.499 million, surpassing the estimate of 1.33 million and rising sharply from November's revised rate of 1.294 million. However, privately-owned housing units authorized by building permits in December declined 0.7% from November's rate of 1.493 million and fell 3.1% compared to December 2023.
Meanwhile, housing completions fell 4.8% in December to 1.544 million, potentially signaling that builders face challenges in finishing projects. Annual housing completions in 2024 rose 12.3% to 1.627 million. 
Read Next: <a href="https://www.benzinga.com/general/health-care/25/01/43041254/unitedhealth-ceo-highlights-hospitals-doctors-pharmas-role-in-soaring-health-care-costs">UnitedHealth CEO Highlights Hospitals, Doctors, Pharma&#8217;s Role In Soaring Health Care Costs</a>&nbsp;
According to <a href="https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index">data released</a> Thursday from the National Association of Home Builders and Wells Fargo, U.S. homebuilders lowered their six-month outlook on prospective sales as buyers are discouraged by rising mortgage rates which crossed over the 7% mark last week.&nbsp;
However, homebuilder sentiment rose in January on optimism about current sales and prospective buyer traffic. The survey also attributed the rise in sentiment to the anticipation of likely more favorable regulatory conditions under the incoming Trump administration. 
Expert Ideas: Analysts from JPMorgan said on Friday that the firm remains optimistic on housing spending, despite surging mortgage rates.&nbsp;
The analysts view consumers as in the "acceptance phase" when it comes to interest rates and expect existing home sales to grind modestly higher, up from 40-year lows.&nbsp;
"More specifically, we believe 30-year mortgage rates being in the high 6 range is ‘okay,'" JPMorgan analysts wrote.&nbsp;
Stocks To Watch: Investors can track the U.S. homebuilders and construction through the IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and the SPDR Series Trust SPDR Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>). 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/43007213/experts-see-the-fed-on-hold-for-now-if-there-are-any-cuts-at-all-in-2025-after-decembers-sticky-consumer-inflation-report">Interest Rate Cuts &#8216;On Hold&#8230; If There Are Any At All In 2025&#8217; After December&#8217;s Sticky Consumer Inflation Report: Economists&nbsp;</a></li>
</ul>
This image was generated using artificial intelligence via MidJourney.

Housing Market: Builders Forge Ahead As Buyers Enter 'Acceptance Phase' On Rates

Fixed-rate mortgage rates have steadily declined, marking a third consecutive week of decrease. Freddie Mac's data shows that 30-year <a href="https://www.benzinga.com/money/mortgages">fixed-rate mortgage</a> now averages 6.60%, significantly lower than the 6.95% rate from a year ago.
"The combination of mortgage rate declines, firm consumer income growth, and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds," <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-continue-drop-3">noted</a> Sam Khater, Freddie Mac's chief economist.
Fixed-rate mortgages are crucial for many homebuyers, particularly first-time buyers because they offer predictability. Since the interest rate remains constant throughout the loan term, borrowers know their monthly payments regardless of market conditions, making for easier financial planning and buying peace of mind. If these rates continue to drop, this development could make homeownership more accessible, stimulating sales.
<a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales">Recent data</a> reveals that the U.S. housing market is showing signs of recovery. Existing home sales rose 3.5% in October 2024, rebounding from a 14-year low and surpassing market expectations.
However, the median home sales price increased by 4% to $407,200, outpacing November&#8217;s 2.7% inflation rate. While Khater warned about these dynamics, home prices typically rise faster than inflation, which is one reason they were excluded from the Consumer Price Index (CPI) calculation in 1983.
Falling mortgage rates support optimism for the market, which suffered high borrowing costs earlier this year. Furthermore, the National Association of Realtors Chief Economist Lawrence Yun noted increased inventory could further bolster home sales, with job growth and economic expansion supporting growing housing demand.
Still, the home construction market offered mixed results, as shown by broad market ETFs. The iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) returned 14.66% year-to-date, while the SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) fared better at 23.06%. The Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) outperformed with 31.86% — however, it is worth noting that it is by far the smallest and most expensive of the group.
Two notable stocks in the sector performed similarly. KB Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>) has clocked a solid yet underperforming 18.52% return year-to-date. It trades at 8.9x its earnings, significantly lagging the peer average 21.1x.  Meanwhile, Toll Brothers Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) outperformed, climbing 37.39% year-to-date. Still, the firm trades cheaper than its peers at 8.8x its earnings. Following the <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/12/42418066/toll-brothers-investors-may-be-disappointed-with-guidance-analysts-say-after-q4-earnings">latest earnings results</a>, Oppenheimer and JPMorgan reiterated an Outperform and Overweight rating, citing robust demand but warning about the gross-margin guidance for the first quarter of fiscal 2025.
Read Next: • <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42471357/egg-hyperinflation-could-spike-grocery-prices-why-cal-maine-vital-farms-are-soaring">Egg Hyperinflation Could Spike Grocery Prices: Why Cal-Maine, Vital Farms Are Soaring</a>
Photo: Shutterstock

Mortgage Rates Drop Present Opportunities For Homebuilders

JP Morgan analyst Christopher Horvers maintained an Overweight rating for Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) <a target="_blank" href="https://www.benzinga.com/quote/LOW/analyst-ratings" rel="noreferrer noopener">with a price forecast of $300.</a>
Yesterday, the company highlighted its near-term and long-term financial targets at its 2024<a target="_blank" href="https://www.benzinga.com/24/12/42445818/lowes-targets-1-billion-in-annual-savings-and-expands-store-footprint-to-drive-future-growth" rel="noreferrer noopener"> Analyst and Investor Conference</a>.
Lowe&#8217;s reaffirmed its outlook, projecting total sales between $83 billion and $83.5 billion<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> (consensus estimate: $83.34 billion)</a>.
The company expects comparable sales to decline by 3.0% to 3.5% and adjusted EPS&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/42060077/lowes-q3-earnings-revenue-and-eps-beat-but-comp-sales-fall-amid-softness-in-bigger-ticket-diy-discretionary-demand" rel="noreferrer noopener">of $11.80 – $11.90 (consensus estimate: $11.89)</a>.
Lowe&#8217;s plans to unveil its next phase of Perpetual Productivity Improvement (PPI) initiatives, projected to deliver approximately $1 billion in annual cost savings.
The analyst writes that Lowe&#8217;s Analyst Day marked a subtle pivot, signaling that the infrastructure built since CEO Marvin Ellison&#8217;s 2018 arrival is now in place.
The analyst says they continue to favor LOW and write that with the shift to positive comps after three years of pullforward spending and housing headwinds, they believe a moderate 1% comp is reasonable.
The analyst views the 10 basis points of operating margin expansion per comp point and the $1 billion stock repurchase assumption as conservative.
Hoovers adds that Lowe&#8217;s is advancing self-help initiatives to boost top-line growth and margins, reducing the performance gap with Home Depot.
The industry&#8217;s duopoly and resistance to Amazon, along with a strong housing-driven long-term outlook, justify its premium valuation, adds the analyst.
Additionally, the recent decline in long-term rates is expected to boost demand, especially as existing home sales remain at 40-year lows, with potential upside from a Fed rate cut, per the analyst.
As the housing market improves, Horvers expects the company to further re-rate, especially with the 2025 guidance uncertainty cleared.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;VanEck Retail ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTH#NASDAQ">RTH</a>).
Price Action: LOW shares are down 1.41% at $264.11 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/42465586" target="_blank" rel="noreferrer noopener">Gevo And LG Chem Double Down On Ethanol-To-Olefins Tech: Details</a></li>
</ul>
Photo via Shutterstock.

Merrill Lynch Retail HOLDRS Trust due 12/31/41

Lowe's Positioned For Growth Amid Cost Savings And Housing Recovery: JP Morgan Analyst

Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) highlighted its near-term and long-term financial targets at its 2024 <a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/n42432122/lowes-unveils-2025-total-home-strategy-to-drive-long-term-growth-and-market-share" rel="noreferrer noopener">Analyst and Investor Conference today</a>.
The company has introduced a standardized framework to harness generative AI, aimed at improving customer experiences and boosting productivity.
Also, the company launched the U.S. home improvement industry&#8217;s first product marketplace, partnering with new sellers and existing suppliers to expand its online assortment. This initiative strengthens Lowe&#8217;s position as a one-stop shop for all home needs.
Apart from this, in early 2025, Lowe&#8217;s will relaunch MyLowe&#8217;s Pro Rewards, a streamlined loyalty program for small-to-medium Pros.
The program will simplify earning and redeeming rewards, with Pro customers saving 5% daily on eligible purchases when using their MyLowe&#8217;s Pro Rewards Credit Card.
Moreover, Lowe&#8217;s is streamlining large Pro orders with direct supplier system integration, aiming to boost close rates and capture more Pro spend, while relying on suppliers for jobsite delivery.
FY24 Outlook: Lowe&#8217;s reaffirmed its outlook, projecting total sales between $83 billion and $83.5 billion<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> (consensus estimate: $83.34 billion)</a>.
The company expects comparable sales to decline by 3.0% to 3.5% and adjusted EPS <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/42060077/lowes-q3-earnings-revenue-and-eps-beat-but-comp-sales-fall-amid-softness-in-bigger-ticket-diy-discretionary-demand" rel="noreferrer noopener">of $11.80 &#8211; $11.90 (consensus estimate: $11.89)</a>.
Lowe&#8217;s plans to unveil its next phase of Perpetual Productivity Improvement (PPI) initiatives, projected to deliver approximately $1 billion in annual cost savings.
To drive growth, Lowe&#8217;s plans to open 10-15 stores annually in fast-growing U.S. markets, building on recent successes and enhanced space productivity.
The company will also expand its rural assortments to 150 more stores, offering a one-stop shop with enhanced selections in pet, workwear, automotive, and utility vehicles.
Marvin R. Ellison, Lowe&#8217;s chairman, president and CEO, said, &#8220;As we look ahead to the expected recovery in home improvement, we are making investments to position the company for long-term growth. We are evolving our Total Home strategy to help solve our customers&#8217; total home improvement needs with more value and exceptional service,&#8221;&nbsp;&nbsp;
&#8220;At the same time, we&#8217;re building on our momentum with Pros now that we&#8217;ve reached 30% Pro penetration.&#8221;
Goldman Sachs analyst rated the company a Buy rating, <a target="_blank" href="https://www.benzinga.com/quote/LOW/analyst-ratings" rel="noreferrer noopener">with a price target of $276.</a>
The analyst estimates FY24 sales of $83.3 billion, comparable sales of -3.3%, and adjusted EPS of $11.87.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and VanEck Retail ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTH#NASDAQ">RTH</a>).
Price Action: LOW shares are down 0.31% at $269.28 at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/etfs/new-etfs/24/12/42270723/new-conservative-etf-aims-to-invest-in-sp-500-without-dei-were-going-to-deliver-that-mandate" target="_blank" rel="noreferrer noopener">New Conservative ETF Aims To Invest In S&amp;P 500 Without DEI: &#8216;We&#8217;re Going To Deliver That Mandate&#8217;</a></li>
</ul>
Photo via Shutterstock.

Lowe's Targets $1 Billion In Annual Savings And Expands Store Footprint To Drive Future Growth

A hiring freeze in October lifted market expectations for a Federal Reserve interest rate cuts, providing relief to U.S. <a href="https://www.benzinga.com/news/econ-s/24/11/41684710/us-economy-adds-only-12-000-jobs-in-october-sharply-misses-estimates-as-hurricane-strikes-pummel-hir">stocks after Thursday's decline</a>. 
The U.S. economy added only 12,000 jobs in October, 211,000 fewer than in September. This marked the lowest monthly pace since December 2020 and sharply missed estimates of 113,000.
Market pricing now reflects a full probability of a 25-basis-point rate cut at next week's Federal Reserve meeting, with the likelihood of another cut in December surging to 85%, according to the CME FedWatch tool.
<h2 class="wp-block-heading">Hurricanes, Strikes Knock October Employment Down</h2>
Beyond the dismal October employment figures, which suggest a recession-like scenario, factors such as hurricanes and strikes have significantly disrupted hiring across the nation.
Hurricane Helene hit Florida's Gulf Coast on Sept. 26, followed by Hurricane Milton on Oct. 9, prompting widespread evacuations and disrupting multiple economic sectors.
"It is likely that payroll employment estimates in some industries were affected by the hurricanes; however, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates," the Bureau of Labor Statistics (BLS) stated in its report.
Additionally, layoffs surged in manufacturing, rising to 46,000 — the highest since 2009, excluding the pandemic months of March and April 2020. "Manufacturing employment decreased by 46,000 in October, reflecting a decline of 44,000 in transportation equipment manufacturing largely due to strike activity," the BLS added.
Despite stagnant job growth in October, the unemployment rate held steady at 4.1%, indicating that businesses remain committed to retaining their workforce.
<h3 class="wp-block-heading">Equity ETFs Rise On Rising Rate-Cut Bets</h3>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500 index, rebounded 0.7% after Thursday&#8217;s 1.9% slump. </li>
<li>The tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), replicating the Nasdaq 100, was 0.6% higher. </li>
<li>Small caps outperformed, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soaring 1.2%. </li>
<li>The Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>) rose 1.4%. On Thursday, it tumbled 3.9%, marking the sharpest 1-day drop since late July.</li>
<li>Sector-wise, the Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) led gains, up over 2%, fueled by a 6% post-earnings rally from Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).</li>
<li>The Direxion Daily AMZN Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZU#NASDAQ">AMZU</a>) skyrocketed by 13%. </li>
<li>Rising expectations for Fed rate cuts fueled gains in real estate industries, with the iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>) rising 1.8%. </li>
<li>Semiconductors rebounded after tumbling by 3.9% on Thursday. The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) rose 1.6%. Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) was among the best performers following better-than-expected results. </li>
<li>The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) – the biggest physically-backed gold ETF – also rose 0.5%, rebounding after Thursday&#8217;s 1.6% decline. </li>
<li>The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks West Texas Intermediate (WTI) crude performance, gained 1% amid rising geopolitical tensions in the Middle East following Iran&#8217;s retaliatory attack on Israel. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41663633/biggest-gold-etf-posts-highest-monthly-inflows-in-2-5-years-as-investors-rush-to-">Biggest Gold ETF Posts Highest Monthly Inflows In 2.5 Years As Investors Rush To Safe Haven Ahead Of Presidential Election</a></li>
</ul>
Photo: Shutterstock

AMZN

AMZU

INTC

MAGS

Stocks Rebound After Selloff As October Hiring Slump Fuels Interest Rate Cut Bets: 10 ETFs To Watch Friday

D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) shares are trading lower after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41594448/d-r-horton-inc-americas-builder-reports-fourth-quarter-and-fiscal-2024-earnings-and-increases-quar" rel="noreferrer noopener">fourth-quarter results</a>.
Sales fell 5% year-over-year to&nbsp;$10.0 billion, missing the consensus of&nbsp;$10.2 billion.
Net sales orders increased&nbsp;1%&nbsp;to 19,035&nbsp;homes and&nbsp;decreased 2% in value at&nbsp;$7.1 billion.
Homebuilding revenue increased 2% to $9.0 billion. Homes closed in the quarter rose 3% to 23,647 homes.
Sales order backlog of homes under contract as of September 30, 2024, decreased&nbsp;20% to 12,180&nbsp;homes and&nbsp;19% in value to&nbsp;$4.8 billion.
D.R. Horton had 37,400&nbsp;homes in inventory, of which 25,700&nbsp;were unsold as of September 30, 2024.
EPS was&nbsp;$3.92,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">missing the consensus of&nbsp;$4.17.</a>
Return on equity (ROE) was&nbsp;19.9% for FY24, and homebuilding pre-tax return on inventory (ROI) was 27.8%.
The company&#8217;s operating cash flow totaled&nbsp;$2.2 billion in FY24. As of September 30, 2024, the cash balance was&nbsp;$4.5 billion, and the available capacity on its credit facilities was $3.1 billion, for a total liquidity of&nbsp;$7.6 billion.
D.R. Horton repurchased 3.4 million shares for&nbsp;$561.2&nbsp;million during the quarter. The company&#8217;s remaining stock repurchase authorization as of September 30, 2024,&nbsp;was&nbsp;$3.6 billion.
Subsequent to year-end, the company raised the quarterly dividend by 33% to $0.40 per share. The dividend is payable on November 19, 2024, to shareholders of record as of November 12, 2024.
FY25 Outlook: D.R. Horton expects revenue of $36.0 billion &#8211; $37.5 billion versus the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of&nbsp;$39.4 billion</a>.
It expects homes closed to be 90,000 homes-92,000 homes for the year. DHI projects FY25 operating cash flow to be greater than fiscal 2024
The company expects&nbsp;dividend payments of around&nbsp;$500 million and share repurchases of ~$2.4 billion.
David Auld, Executive Chairman, said, &#8220;While mortgage rates have decreased from their highs earlier this year, many potential homebuyers expect rates to be lower in 2025. We believe that rate volatility and uncertainty are causing some buyers to stay on the sidelines in the near term.&#8221;
&#8220;To help spur demand and address affordability, we are continuing to use incentives such as mortgage rate buydowns, and we have continued to start and sell more of our homes with smaller floor plans.&#8221;
&#8220;The supply of both new and existing homes at affordable price points is still generally limited, and demographics supporting housing demand are favorable. With a focus on affordable product offerings, 37,400 homes in inventory and continued improvement in our construction cycle times, we are well positioned for fiscal 2025.&#8221;
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>).
Price Action:&nbsp;DHI shares are down 10.2% at $162.00 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317881/hurricane-milton-to-deliver-2-5b-blow-to-floridas-homebuilding-sector-goldman-sachs" target="_blank" rel="noreferrer noopener">Hurricane Milton To Deliver $2.5B Blow To Florida&#8217;s Homebuilding Sector, Goldman Sachs Says</a></li>
</ul>

D.R. Horton Misses Q4 Estimates: Rising Inventory, FY25 Outlook Below Consensus Amid Cautious Homebuyers

PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) shares are trading lower after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41446207/pultegroup-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">reported&nbsp;third-quarter results</a>.
Revenue stood at&nbsp;$4.48 billion, beating the consensus of&nbsp;$4.26 billion.
Reported home sale revenues rose&nbsp;12% to&nbsp;$4.3 billion, with higher revenues reflecting a 12% increase in closings to 7,924&nbsp;homes and an average sales price of&nbsp;$548,000 (flat Y/Y).
The gross margin for home sales stood at&nbsp;28.8%, vs. 29.5% a year ago.
Net new orders fell to 7,031&nbsp;from 7,065 homes last year. However, the dollar value of net new orders rose&nbsp;3%&nbsp;to&nbsp;$3.9 billion&nbsp;in the&nbsp;third quarter.
GAAP EPS of&nbsp;$3.35 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of&nbsp;$3.15</a>.
At the end of the&nbsp;third quarter, the company&#8217;s backlog was 12,089&nbsp; homes, valued at&nbsp;$7.7 billion.
The company ended the year with&nbsp;$1.5 billion of cash and a debt-to-capital ratio of&nbsp;12.3%.
During the quarter, the company repurchased 2.5&nbsp;million of its common shares for&nbsp;$320&nbsp;million, or an average price of&nbsp;$126.05 per share.
Ryan Marshall, PulteGroup President and CEO, said, &#8220;Years of underbuilding has created a structural shortage of homes and correspondingly high home prices, so the Federal Reserve&#8217;s pivot to lowering interest rates provides a powerful tool in helping to address the affordability challenge faced by today&#8217;s homebuyers.&#8221;
&#8220;Given our strong&nbsp;third quarter&nbsp;and nine-month financial results, we are well positioned to deliver a record year of earnings for the Company,&#8221; added Marshall.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;SMI 3Fourteen Full-Cycle Trend ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCTE#NASDAQ">FCTE</a>).
Price Action: PHM shares are down 5.8% at $135.90 at the last check Tuesday.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317881/hurricane-milton-to-deliver-2-5b-blow-to-floridas-homebuilding-sector-goldman-sachs" target="_blank" rel="noreferrer noopener">Hurricane Milton To Deliver $2.5B Blow To Florida&#8217;s Homebuilding Sector, Goldman Sachs Says</a></li>
</ul>

FCTE

FTCE

PulteGroup Q3 Beats Estimates: Home Closings Up 12%, CEO Highlights Fed's Role in Addressing Affordability

특정 상장지수펀드(ETF)는 <a href="https://www.benzinga.com/etfs/sector-etfs/24/08/40529209/jerome-powell-time-has-come-for-interest-rate-cuts-cooling-in-labor-market-unmistakable">잭슨 홀 심포지엄</a>에서 제롬 파월 연방준비제도(연준) 의장의 연설 이후 상당한 급등을 경험했다.
파월 의장은 &#8220;정책이 조정될 때가 되었다&#8221;고 말했다.
향후 금리 인하에 대한 확신을 주는 이 메시지는 <a href="https://www.benzinga.com/markets/equities/24/08/40530908/powells-rate-cut-signal-triggers-small-cap-rally-gold-makes-record-highs-dollar-tumbles-7-etfs-o" target="_blank" rel="noopener">금요일 장중 주식 시장</a>에서 금리에 가장 민감한 분야에서 강력한 반등을 촉발했다. 금요일에 가장 성과가 좋았던 산업 ETF는 지역 은행, 태양광 및 주택 건설업체였다.
추가 정보: <a href="https://www.benzinga.com/news/24/08/40532443/strong-economy-doesnt-justify-4-rate-cuts-this-year-how-about-3-what-experts-are-saying">강한 경제는 올해 4번의 금리 인하를 &#8216;정당화&#8217;하지 않는다: 3번은? 전문가들이 말하는 것</a>
<h2 class="wp-block-heading">1) 지역 은행</h2>
SPDR S&amp;P Regional Banking ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>)는 금요일 5.08% 급등 마감했다. 이는 2023년 12월 이후 가장 강력한 상승 폭이다.
특히, 141개 구성종목 모두 상승세를 보이며 지역 은행업계 전반에 걸쳐 광범위한 랠리를 펼쳤다.
이글 뱅코프(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGBN#NYSE">EGBN</a>), 유나이티드 커뮤니티 뱅크(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCB#NYSE">UCB</a>) 및 밸리 내셔널 뱅코프(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLY#NYSE">VLY</a>)는 각각 10.67%, 4.18%, 8.28% 상승하여 가장 강력한 성과를 거두었다.
지역 은행들은 금리가 낮아지면 차입 비용이 낮아져 고객들의 대출 수요가 높아지기 때문에 혜택을 본다.
또한, 미국 지역 은행들은 특히 상업용 부동산의 부실 노출로 인한 스트레스 감소로부터 안도감을 찾을 수 있으며, 차입 비용이 감소하면 해당 기업들이 부채를 재융자하거나 사업에 투자하도록 장려하여 재정적 의무를 이행하는 능력이 향상될 수 있기 때문이다.
<h2 class="wp-block-heading">2) 태양광</h2>
Invesco Solar ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>)는 금요일 5.12% 급등하여 2024년 5월 말 이후 최고의 세션을 기록했다.
최고 상승세를 보인 기업들은 선노바 에너지 인터내셔널(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NASDAQ">NOVA</a>)와 솔라엣지 테크놀로지스(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>)로 각각 15.85%와 14.85% ​​급등했다.
태양광 기업들은 태양광 프로젝트의 개발 및 설치 자금을 조달하기 위해 상당한 초기 자본이 필요한 경우가 많다. 낮은 이자율은 차입 비용을 줄여 이들 회사가 프로젝트에 자금을 조달하는 것을 더 저렴하게 만든다.
<h2 class="wp-block-heading">3) 주택 건설업체</h2>
iShares Home Construction ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>)는금요일 4.26% 상승해 새로운 최고치에 마감했다.
이 업계에서 가장 실적이 좋은 종목에는 빌더스 퍼스트소스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>), 드림 파인더스 홈즈(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFH#NYSE">DFH</a>) 및 아르하우스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARHS#NYSE">ARHS</a>)가 포함되어 있으며 모두 7% 이상의 의 상승을 기록했다.
보다 저렴한 주택 대출 금리와 낮은 금융 비용으로 인한 주택 수요 증가는 주택 건설 사업에 순풍을 불러일으킨다.
<h2 class="wp-block-heading">차트: 지역 은행, 태양광, 주택 건설업체 반등</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" class="wp-image-511618" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23150757/image-234-1024x459.png" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23150757/image-234-1024x459.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23150757/image-234-300x135.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23150757/image-234-768x344.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23150757/image-234-1536x689.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23150757/image-234.png 1920w" alt="" width="1024" height="459" /><figcaption class="wp-element-caption">이미지: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082324&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
시장에서는 파월 의장의 발언을 9월 공개시장위원회 회의에서 첫 금리 인하의 신호로 해석했다. 그러나 파월 의장은 인하 규모나 향후 금리 궤적에 대해서는 아무런 언급도 하지 않았다.
파월은 최근 금리 급등으로 가장 부정적인 영향을 받은 기업들의 반전을 위한 길을 열었다. 시장은 이미 9월 금리 인하와 연말까지 85bp(베이시스 포인트) 인하를 완전히 반영했다.
"제롬 파월 연준 의장은 오늘 잭슨 홀 연설에서 비둘기파적인 입장을 취했다. 그는 헤지(hedge)하지 않았다. 그는 우리가 예상했던 것처럼 앞으로 몇 차례 금리 인하가 있을 것이라는 시장의 기대에 반하지 않았다"고 야데니 리서치(Yardeni Research)의 사장인 에드 야데니(Ed Yardeni)가 말했다.
뱅크 오브 아메리카(Bank of America)의 경제학자인 아딧야 바브(Aditya Bhave)는 &#8220;파월 연준 의장은 잭슨 홀에서 비둘기파적인 어조를 취하여 노동 시장에 대해 보다 선제적인 입장을 취하고 9월 금리 인하를 확정했다&#8221;고 말했다.
파월은 &#8220;노동 시장에 대해 비둘기파적인 어조를 냈으며 노동 시장 냉각에 대한 연준의 관용이 한계에 도달했으며 더 이상의 약화는 환영받지 못할 것&#8221;이라고 더욱 강력하게 강조했다&#8221;고 골드만삭스의 이코노미스트인 얀 하치우스(Jan Hatzius)가 말했다.
10월 9~10일 시카고 메리어트 다운타운 매그니피센트 마일에서 열리는 <a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP 컨퍼런스에서</a> 변동성이 큰 시장을 장악할 수 있는 기회를 놓치지 마십시오.
CEO 발표, 투자자와의 1:1 미팅, 최고의 금융 전문가들의 귀중한 통찰력 등 독점적인 기회를 제공합니다. 트레이더, 기업가 또는 투자자라면 이 이벤트는 포트폴리오를 성장시키고 업계 리더들과 네트워크를 형성할 수 있는 비할 데 없는 기회를 제공합니다. 지금 바로 자리를 확보하고 티켓을 구매하세요!
지금 읽어보세요:
<ul>
<li><a href="https://www.benzinga.com/government/24/08/40532173/powell-removes-any-uncertainty-around-september-rate-cuts-in-jackson-hole-speech-economists">파월, 잭슨 홀 연설에서 9월 금리 인하 전후 &#8216;모든 불확실성&#8217; 제거: 경제학자들</a></li>
</ul>
다른 트레이더들보다 30분 일찍 독점 시장 움직임 뉴스를 받아보세요 
Benzinga Pro의 14일 무료 체험을 통해 독점 뉴스 기사를 이용할 수 있어 수백만 명의 다른 트레이더보다 먼저 실행 가능한 거래 뉴스를 얻을 수 있습니다. <a href="https://www.benzinga.com/pro/register?t=be2bewe5mibe3bz3&amp;utm_source=bz-kor" target="_blank" rel="noreferrer noopener">여기를 클릭</a>하여 14일 무료 체험을 시작하세요.

<a href="https://www.benzinga.com//node/39583371" target="_blank" rel="noopener" data-google-interstitial="false">미국의 도시들이 계속해서 역사적인 폭염 기록을 경신함</a>에 따라 전국의 근로자들, 의회의원들, 기업들에서는 주정부가 폭염 상황에서 근로자를 보호해야 하는가에 대한 논쟁을 시작하고 있다.
7월 초 기온 상승이 쾌적한 수준을 깨기 시작한 이후 대부분의 지역에는 폭염 경보가 발령되었다.
화요일부터 기상학자들은 중서부 및 동부 해안 주에 거주하는 사람들에게 경고를 시작했다. 다가오는 폭염은 많은 도시에서 기록을 깨고 1억 4천만 명의 미국인에게 폭염 경보를 내릴 것으로 예상된다.
이달 초, 최소 50개 도시에서 남서부 대부분 지역에 영향을 미친 폭염으로 인해 역사적 폭염 기록이 깨졌다. <a href="https://www.usatoday.com/story/news/weather/2024/07/11/temperature-records-heat-wave-west/74372547007/">USA 투데이</a>(USA Today)에 따르면 캘리포니아주 팜스프링스와 라스베이거스의 기온은 각각 화씨 124도 (섭씨 51.11eh)와 120도에 이르렀다.
동부 해안의 많은 도시와 지역은 이번 주에 역사적 평균 최고 기온을 넘어설 것으로 예상된다.
코페르니쿠스 프로그램(Copernicus Programme)의 공식 EU 데이터에 따르면 지난 13개월은 해당 달 기록상 가장 높은 기온을 기록하는 등 전 세계적으로 이러한 추세가 나타나고 있다.
다가오는 미국의 폭염은 위험할 정도로 치명적일 것으로 예상된다. 워싱턴 포스트(Washington Post)의 <a href="https://www.washingtonpost.com/climate-environment/2024/07/10/heat-wave-us-death-toll/">보도</a>에 따르면 올여름 폭염으로 최소 28명이 사망했다.
<h3 class="wp-block-heading">극심한 더위에서 일할 근로자들이 연방, 주 보호조치를 받아야 할까?</h3>
전 세계적으로 기온이 상승하면서 사람들은 하루 중 에어컨 없이 밖에서 보낼 수 있는 시간을 포함해 생활 습관을 바꾸게 되었다.
이는 작업에 심각한 결과를 초래하며, 특히 근로자가 장시간 동안 태양 아래 고온에 노출되어야 하는 분야에서는 더욱 그렇다.
여기에는 배달 및 우편 근로자, 건설 및 농업 분야뿐만 아니라 인프라 수리 및 도시 환경 정원 가꾸기에 종사하는 사람들도 포함된다.
미국 질병통제센터(CDC)와 산업안전보건청(OSHA)의 보고서에 따르면 근로자의 건강 위험에는 &#8220;열사병 및 열사병, 현기증으로 인한 화상 또는 낙상과 같은 고열 노출로 인한 직업 부상, 천식, 신장 질환 또는 심장병과 같은 기존 질환의 악화&#8221;가 포함된다.
이달 초 바이든 행정부는 실외든 실내든 열 수준 상승으로 인해 건강 위험에 노출된 근로자를 보호할 수 있는 새로운 규칙을 처음으로 제안했다.
이 제안은 OSHA에서 나온 것이며 고용주가 직원을 열 위험으로부터 보호하기 위해 취해야 하는 조치를 간략하게 설명한다. 최종 확정되면 이 규정은 전국적으로 3,500만 명의 직원에 대한 보호를 추가할 수 있다.
&#8220;이 규칙의 목적은 간단하다. 단순히 업무를 수행하는 동안 과도한 열에 노출되고 이러한 위험에 노출되는 근로자가 겪는 업무 관련 사망, 부상 및 질병의 수를 크게 줄이는 것이다&#8221;고 워싱턴 포스트에 <a href="https://www.washingtonpost.com/climate-environment/2024/07/02/osha-workers-extreme-heat-protections/" target="_blank" rel="noopener">따르면</a> 한 행정부 관계자는 기자회견에서 기자들에게 이렇게 말했다.
이 규칙은 날씨가 두 가지 특정 온도 표시를 통과할 경우 고용주가 이행해야 하는 조치를 도입한다. 화씨 80도 이상인 경우 고용주는 식수와 휴식 공간을 제공해야 할 뿐만 아니라 근로자의 몸이 더위에 적응할 수 있도록 점진적인 리듬으로 작업 일정을 계획해야 한다.
90도에서는 직원에게 열질환 징후가 있는지 모니터링해야 하며 2시간마다 의무적으로 15분 휴식을 취해야 한다.
미국에서는 연방 정부차원의 열 보호법은 마련되어 있지 않으며 캘리포니아, 콜로라도, 미네소타, 오레곤, 워싱턴 등 5개 주에서만 근로자 안전 예방 조치를 취하고 있다.
OSHA 제안의 일정은 2026년까지 최종 확정될 것이다. 그 시행은 11월에 미국 대통령이 <a href="https://www.benzinga.com/general/politics/24/07/39780356/trumps-2024-election-betting-odds-hit-record-high-after-assassination-attempt-payouts-for-ex-pre" target="_blank" rel="noopener" data-google-interstitial="false">누가 당선되느냐에 크게 좌우될 것</a>이다. 도널드 트럼프의 승리는 그 존재를 위협할 가능성이 높다.
세간의 이목을 끄는 공화당 의원들은 열 위험에 대한 근로자 보호에 반대 목소리를 냈다. 공화당은 전통적으로 기업이나 산업에 영향을 미칠 수 있는 기후 변화 관련 정책에 반대해 왔다.
최근 몇 년간 미국에서 가장 높은 기온을 기록한 플로리다에서는 공화당원인 론 디샌티스 주지사가 최근 지방 정부가 열에 노출된 근로자에 ​​대한 보호 조치를 강화하는 것을 금지하는 법안에 서명했다.
텍사스는 전년도에도 &#8216;데스 스타법(Death Star Law)&#8217;이라는 유사한 법안을 통과시켰다. 이 법안은 휴스턴, 엘파소, 샌안토니오가 이에 대해 소송을 제기한 후 판사에 의해 위헌 판결을 받았다.
<h3 class="wp-block-heading">업계에 미치는 영향</h3>
진보적인 목소리를 내는 미국 진보 센터(Center for American Progress) 같은 단체는 노동자들을 열 위험에 노출시키는 것이 경제에 나쁜 결과를 초래할 수 있다고 말했다. 여기에는 &#8220;노동 생산성 감소, 증가하는 의료 비용 및 노동자 보상 청구, 그리고 결근으로 인한 노동자 재정 안정성 위협&#8221;이 포함ehls다.
보수주의자들에게는 노동자 보호 조치를 추가하는 것이 기업들의 생산성을 감소시키고 경쟁력을 잃게 만들 수 있다.
OSHA 규칙에 반대하는 기업 단체들은 제안된 규칙의 발동 온도가 전국적으로 일괄 적용되어서는 안 된다고 주장한다. 이는 지역별로 노동자들의 열 내성 한계가 다르기 때문이다.
미국 도로 및 교통 건설 협회(The American Road &amp; Transportation Builders Association)의 부사장이자 규제 담당 변호사인 프리안카 샤르마(Prianka Sharma)는 &#8220;플로리다의 노동자들에게 80도 기준은 더운 날씨로 간주되지 않을 것&#8221;이라고 말했다.
여러 ETF는 열 위험에 대한 정책 변화의 영향을 받을 수 있는 산업을 따른다.
iShares US Home Construction ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>)는 건설업 중 가장 큰 총 자산을 보유한 ETF이다. 그 다음으로는 SPDR S&amp;P Homebuilders ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>)와 Invesco Building &amp; Construction ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>)가 있다.
농업은 열 문제의 영향을 받는 또 다른 주요 부문이다. Invesco DB Agriculture Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBA#NYSE">DBA</a>)는 총자산 기준으로 선두를 달리고 있으며 Teucrium Wheat Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WEAT#NYSE">WEAT</a>)와 First Trust Alternative Absolute Return Strat ETF(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAAR#NASDAQ">FAAR</a>)가 그 뒤를 따른다.
Shutterstock image.
Benzinga Pro의 독점 뉴스 및 도구로 더 많은 승리를 거두세요 
독점 속보 및 스캐너와 같은 Benzinga Pro의 강력한 도구 세트로 다른 트레이더보다 우위를 점하세요. 
<a href="https://www.benzinga.com/pro/register?t=be2bewe5mibe3bz3&amp;utm_source=bz-kor" target="_blank" rel="noreferrer noopener">여기를 클릭</a>하여 14일 무료 체험을 시작하세요.

4월이 끝나가면서 <a href="https://www.benzinga.com/etfs" target="_blank" rel="noopener">이번 달</a>의 최고 성과 부문 및 업계 상장지수펀드(ETF) 순위를 집계할 때가 되었다.
주식 시장을 더 폭넓게 살펴보면 SPDR S&amp;P 500 ETF Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)로 대표되는 S&amp;P 500 지수는 약 3% 하락하며 4월을 하락세로 마감했다. 이로써 5개월 연속 상승세가 끝났다.
마찬가지로, Invesco QQQ Trust(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)가 추적하는 기술주 중심의 나스닥 100 지수는 3.5% 하락했다.
대형주 지수 중에서 우량주는 SPDR Dow Jones Industrial Average ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)가 4.5% 하락하는 등 저조한 성과를 보였다.
iShares Russell 2000 ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>)로 대표되는 소형주는 6% 이상 급락하여 2023년 10월 이후 최악의 실적을 기록했다.
전반적으로 이번 달은 예상을 뛰어넘는 인플레이션으로 인해 주식시장에 어려운 달이었다. 이로 인해 연방준비제도(연준)의 금리 인하 가능성에 대한 시장 기대가 재조정되었다.
또한 현재 진행 중인 가자지구 문제와 함께 특히 이스라엘과 이란 간의 복잡한 글로벌 지정학적 긴장이 대두되고 있다.
5월은 투자자들이 수요일 연준의 공개시장위원회(FOMC) <a href="https://www.benzinga.com/general/macro-notification/24/04/38526201/is-hawkish-shift-on-inflation-imminent-wall-street-analysts-traders-brace-for-fed-impa">회의</a>를 기다리면서 중요한 행사로 시작될 것으로 예상된다.
금리 변동은 없을 것으로 예상되지만 최근 인플레이션에 대한 대응으로 연준의 입장을 평가하기 위한 제롬 파월 연준 의장의 발언에 모든 ​​관심이 쏠릴 것이다.
<h2 class="wp-block-heading">2024년 4월 섹터 ETF의 성과</h2>
섹터수준에서는 유틸리티 섹터만 이번 달 손실을 피해 2.1% 상승했다.
4월에 유틸리티 섹터의 가장 큰 주식 공헌자는 넥스트에라 에너지(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), 서던 컴퍼니(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), 도미니언 에너지(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) 및 NRG 에너지 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)로 4%에서 8% 사이의 월간 상승을 보여주었다.
에너지 주식들은 전반적으로 안정적이었으며, S&amp;P 500의 다른 9개의 섹터들은 모두 손실을 보여주었다.
부동산은 한 달 동안 국채 수익률이 전반적으로 상승함에 따라 금리에 대한 높은 민감도로 인해 7% 이상 하락하는 최악의 실적을 기록했다.
부동산 다음으로, 기술 및 헬스케어 섹터 역시 4월에는 좋지 않은 성과를 보였다.
<h4 class="wp-block-heading">4월의 최고와 최악의 섹터 ETF: 유틸리티 우위, 부동산 부진</h4>
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th>Sector</th>
<th>April 2024 performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>유틸리티 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.06%</td>
</tr>
<tr>
<td>에너지 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>0.01%</td>
</tr>
<tr>
<td>생필품 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-1.11%</td>
</tr>
<tr>
<td>산업 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-3.23%</td>
</tr>
<tr>
<td>생활소비재 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-3.68%</td>
</tr>
<tr>
<td>금융섹터 셀렉트 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-3.85%</td>
</tr>
<tr>
<td>소재 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-4.13%</td>
</tr>
<tr>
<td>통신서비스 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-4.24%</td>
</tr>
<tr>
<td>기술 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-4.78%</td>
</tr>
<tr>
<td>건강관리 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>부동산 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-7.83%</td>
</tr>
</tbody>
</table><figcaption class="wp-element-caption">2024년 4월 30일 오후 2시 50분 EDT 기준</figcaption></figure>
<h2 class="wp-block-heading">2024년 4월 산업 ETF의 성과</h2>
블랙록(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>)의 iShares가 제공하는 업계 ETF 목록에 따르면 25개 산업 중 5개 산업만이 4월에 상승세를 기록했다. 그중 광업주들은 은, 구리, 금 광산주가 강력한 상승세를 보이는 등 전반적으로 좋은 성적을 거두었다.
4월에 광업 산업의 개수의 존재의 의미있는 기여자들은 팬 아메리칸 실버 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)가 20% 이상 상승, 뉴몬트(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)이 14% 상승, 앵글로 아메리칸(OTCPK:AAUKF)이 40% 이상 상승 등이었다.
에너지 생산업체들도 상승 마감할 수 있었다.
업계 순위에서 가장 낮은 부분에 있는 주택 건설업체, 운송, 생명공학 주식, 디지털 인프라 및 부동산은 모두 4월에 7%에서 9.6% 사이의 손실을 보고했습니다.
On the bottom side of the industry rankings, homebuilders, transportation, biotech stocks, digital infrastructure and real estate all report losses between 7% and 9.6% in April.
산업순위의 하위권에서는, 4월에 홈빌더, 운송, 바이오 기술 주식, 디지털 인프라 및 부동산이 각각 7%에서 9.6% 사이의 손실을 보고 있다.
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th></th>
<th>성과</th>
</tr>
</thead>
<tbody>
<tr>
<td>iShares MSCI 글로벌 실버 및 금속 채광업 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLVP#NYSE">SLVP</a>)</td>
<td>12.11%</td>
</tr>
<tr>
<td>iShares Copper and Metals Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)</td>
<td>9.50%</td>
</tr>
<tr>
<td>iShares MSCI 글로벌 금괴 채굴업 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>)</td>
<td>5.93%</td>
</tr>
<tr>
<td>iShares MSCI 글로벌 금속 및 광업 생산업체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>)</td>
<td>2.81%</td>
</tr>
<tr>
<td>iShares MSCI_Global_Energy_Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FILL#NYSE">FILL</a>)</td>
<td>2.46%</td>
</tr>
<tr>
<td>iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>)</td>
<td>-1.16%</td>
</tr>
<tr>
<td>한미파이 체인지 트럼프 월가 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>아이쉐어스 레지던셜 앤 멀티섹터 부동산 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REZ#NYSE">REZ</a>)</td>
<td>-1.66%</td>
</tr>
<tr>
<td>iShares 리튬 채광 및 생산업체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ILIT#NYSE">ILIT</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>iShares U.S. 브로커-딜러 및 유가증권 거래소 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)</td>
<td>-3.74%</td>
</tr>
<tr>
<td>iShares U.S. 금융 서비스 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>)</td>
<td>-3.88%</td>
</tr>
<tr>
<td>iShares 확장된 기술 섹터 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGM#NYSE">IGM</a>)</td>
<td>-4.37%</td>
</tr>
<tr>
<td>iShares 반도체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>)</td>
<td>-4.40%</td>
</tr>
<tr>
<td>iShares U.S. Healthcare Providers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHF#NYSE">IHF</a>)</td>
<td>-4.79%</td>
</tr>
<tr>
<td>iShares U.S. 보험 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>iShares U.S. Regional Banks ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>)</td>
<td>-5.11%</td>
</tr>
<tr>
<td>iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-5.38%</td>
</tr>
<tr>
<td>iShares U.S. Oil Equipment &amp; Services ETF (NYSE:&lt;</td>
</tr>
</tbody>
</table>
</figure>

Comments

iShares U.S. Home Construction ETF

뉴스

에 대한 최신 뉴스 iShares U.S. Home Construction ETF (BATS:ITB)

토요일, 8월 24, 2024

수요일, 7월 17, 2024

수요일, 5월 01, 2024

뉴스

파트너 / 기고자

벤징가 글로벌