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mREITs, homebuilders dive on HW 30

QE tapering, political uncertainty weigh on sectors

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All major stock indices ended near session highs on Monday, with the HW 30 closing within positive territory, as investors remained hopeful Congress would reach a budget deal and resolve the looming debt ceiling issue.

The HW 30 — HousingWire’s exclusive mortgage-related stocks — continued its rally on news that members of Congress are willing to reach across the aisle. In fact, the index rose by 0.49%.

Additionally, the Nasdaq and S&P 500 hovered near positive highs, both up 0.62% and 0.41%, respectively.

While the majority of Monday spelled good news for HW 30 stocks, mortgage real estate investment trusts as well as homebuilders fell short of continuing their recent rallies.

mREITs have decreased in recent months as interest rates continue to rise, cutting book values of these company’s assets.

While mREITs received a recent reprieve after the Federal Reserve shocked the market with a no-taper announcement, these firms know the central bank is delaying the inevitable, making this sector more volatile.

mREIT American Capital Agency Corp. (AGNC) missed the mark Monday, falling 1.29%, while also down nearly 5% over the month. Meanwhile, Two Harbors Investment (TWO) fell 0.84% Monday, also down nearly 19% year-to-date.

Additionally, Annaly Capital Management (ANL) struggled Monday, down 0.68%, while Redwood Trust (RWT) also fell, declining 1.08% at the end of market close.

On a similar note, homebuilders felt the squeeze of market uncertainty.

D.R. Horton (DHI) opened lower Monday, resulting in investors remaining cautious on a potential downslide of shares. Consequently, the homebuilder fell 2.14% by the end of trading.

Additionally, Lennar Corp. (LEN) finished the day down, dropping 1.46%, while Toll Brothers (TOL) also fell 1.18% Monday. 

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