Today’s market collapse — the latest in a string of them — is once again hitting the stocks that drive the housing and mortgage finance economy worse than the major indices in early trading.
[Update 2:10 p.m. ET]
Things are actually worse in early afternoon trading.
The HW 30 — HousingWire’s proprietary list of major players in the space — was down 3.2% as of 2:10 p.m. ET.
That compares to the Dow, down 2.51%, and the Nasdaq, down 2.1% at the same time.
Meanwhile, Pulte Group (PHM), was down 3.92%.
Fidelity National Financial (FNF) was the sole HW 30 component with its head above water, with a 0.07% rise.
[Original version continues]
Wall Street was expecting volatility today — the New York Stock Exchange once again invoked Rule 48 before trading opened in an effort to speed up and smooth trading at the market open. The 2007 rule means that designated market makers will not have to disseminate price indications before the bell, making it easier and faster to open stocks.
Nationstar Mortgage (NSM), meanwhile, was the biggest bleeder, down 4.83%.
Here’s a snapshot of where things stood 11:08 a.m. ET.
Click to enlarge