The Roof Leaks Lennar Corp And The Homebuilders
This morning, most of the leading home-builder stocks are coming under some selling pressure despite the higher stock indexes. The decline in the home-builder stocks is likely due to the increase in the 10-year U.S. Treasury yield. Today, bond yields are ticking higher by 4 basis points to 2.64 percent. Higher yields have hurt the home-builder stocks recently.
Lennar Corp (NYSE:LEN) is a leading home-builder stock that is trading lower at the start of today's session. Day traders can watch for intra-day support around the $24.47, and $33.66 levels. These are two levels where the stock is likely to stage a small bounce.