Homebuilders slump amid tariff and PulteGroup results

|By:, SA News Editor

The S&P 500 is up 0.5% in early action, but the ITB is lower by 0.5%.

Down the most is PulteGroup, off 4.4% after topping Q1 bottom-line estimates, but with gross margin off more than expected.

Also at work is the Trump administration's slapping of a tariff of up to 24% on Canadian softwood imports - the resulting increase in lumber costs would seemingly threaten homebuilders' gross margins even more.

Toll Brothers (TOL -0.7%), D.R. Horton (DHI -1.1%), Lennar (LEN -1.1%), KB Home (KBH -1.4%), NVR (NVR -1.4%)