HW 30 posts mixed results
Weak consumer sentiment, Fed hopes contribute to volatility
Stocks on the HW 30 — HousingWire’s exclusive list of mortgage-related companies — were somewhat of mixed bag on Friday, with some landing in positive territory and others falling short.
With October proving to be a weak month for consumers, sentiment fell to 73.2 in the final reading, down from an index score of 75.2 at mid-month and down from 77.5 in September.
"Today’s report suggests [consumers] are less than upbeat about the current jobs market and increasingly cautious about long-run prospects," explained Econoday analysts.
A continued weakening of jobs reports has sealed the deal for many investors that the Federal Reserve will remain committed to its asset purchases for the remainder of the year — further providing a floor for housing.
Mega lenders finished out Friday strong, with all major banking institutions posting gains.
Mortgage lending giant Wells Fargo (WFC) also entered positive territory, up 0.40% for the day.
Homebuilders felt the squeeze of consumer confidence, underperforming at close on Friday
On the reverse side, Toll Brothers (TOL) was the only homebuilder to see gains Friday, with the stock finishing up 0.15%.