Homebuilders ETF extend record losing streak to 13 days
The SPDR S&P Homebuilders ETF shed 1.3% in afternoon trade toward an 18-month, with just two of 35 equity components trading higher, as the sector tracker was on track to stretch its record-long losing streak to 13 sessions. The previous record losing streak was eight sessions, which occurred first during the eight-day stretch ending July 18, 2006, as the housing crisis was just getting started, and was matched during the eight-session stretch ending Jan. 11, 2016. The ETF was launched in February 2006. The latest selloff comes amid concerns that the recent run up in Treasury yields would lift mortgage rates, and therefore home-buying costs, to the point of sapping home-buying demand. The yield on the 10-year Treasury note has climbed 0.335 percentage points over the past month to a seven-year high of 3.237% on Friday. The homebuilders ETF has now shed 16% year to date, while the S&P 500 has gained 7.9%.
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