1 hour ago
Home Construction ETF records best day since December
Wednesday’s market rally pushed the iShares U.S. Home Construction ETF (ITB) to its highest level since December.
ITB rose 3.7%, marking its best session since Dec. 14, when it rose more than 6%.Year-to-date, ETF is up more than 10%
Wednesday’s rally in homebuilder stocks came as U.S. Treasury yields fell following a weaker-than-expected inflation report. Stocks related to the housing sector are particularly sensitive to changes in interest rates.
Stocks within ITB that performed particularly well on the day included DR Horton, which rose nearly 6.5%, and Lennar, which rose 5.3%. Pulte Group also rose more than 5%.
–Darla Mercado, Chris Hayes, Ethan Craft
2 hours ago
Barclays says defense budget debate could boost sector in election cycle
While US defense sector earnings consensus revisions remain flat in the short term, Barclays believes this trend could reverse in the next year or so.
Analyst Charlotte Keyworth said: “We expect debate over the future defense budget to be postponed until after the presidential election and into early 2025, allowing the defense sector to recover from its recent underperformance. There could be opportunities.”
Within the U.S. defense sector, Keyworth likes General Dynamics and L3Harris Technologies for their discount multiples and free cash flow growth.
— Lisa Kailai Han
2 hours ago
Stock prices move significantly after hours
Below are some of the biggest moves in expansion trading.
- AST SpaceMobile — Shares soared 42% after AST SpaceMobile announced a commercial agreement with AT&T to bring its space-based broadband network directly to everyday mobile phones.
- CHUBB — The property and casualty insurer rose 7% after Berkshire Hathaway said it bought about 26 million shares of the Zurich-based company worth $6.7 billion.
- Cisco Systems — LSEG said shares rose nearly 5% after the tech giant reported fiscal third-quarter adjusted earnings of 88 cents per share on revenue of $12.7 billion, beating analyst expectations. It beat earnings by 82 cents on revenue of $12.53 billion. .
For more moving stocks, check out this list.
— Tanaya Machel
2 hours ago
Stock futures trading remains largely unchanged
Stock futures were little changed into trading Wednesday night.
Futures tied to the Dow Jones Industrial Average fell 0.02%, while S&P 500 futures fell 0.05% and Nasdaq 100 futures rose 0.02%.
In regular trading, all major average stock prices closed at record highs.
— Tanaya Machel
