- The major averages are opening to the downside, but the homebuilders ETFs (ITB, XHB) are posting gains behind a 6% advance for Toll Brothers after it reported a FQ1 earnings beat and strong start to the spring selling season.
- In case you haven't heard, interest rates have been on the rise of late, but it hasn't at all slowed the big post-election rally in the homebuilding sector. The ITB today is at its highest level since the summer of 2007.
- Lennar (LEN +1.2%), D.R. Horton (DHI +0.6%), Pulte (PHM +0.6%), KB Home (KBH +0.2%)