Redfin, Zillow stocks drop after inflation data fuels jump in Treasury yields
Shares of real estate services companies were knocked lower Wednesday after surprisingly strong inflation data sent Treasury yields climbing. A big jump in longer-term Treasury yields this year has weighed heavily on the housing market, as they reduce affordability by boosting mortgage lending rates. Shares of Redfin Corp. slumped 4.6%, Zillow Group Inc. dropped 4.0%, Anywhere Real Estate Inc. shed 2.9% and RE|MAX Holdings Inc. lost 2.3%. Meanwhile, the yield on the 10-year Treasury note rose 7.6 basis points (0.076 percentage points) to 3.034%. Meanwhile, the SP 500 fell 1.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Redfin, Zillow stocks drop after inflation data fuels jump in Treasury yields
Shares of real estate services companies were knocked lower Wednesday after surprisingly strong inflation data sent Treasury yields climbing. A big jump in longer-term Treasury yields this year has weighed heavily on the housing market, as they reduce affordability by boosting mortgage lending rates. Shares of Redfin Corp. slumped 4.6%, Zillow Group Inc. dropped 4.0%, Anywhere Real Estate Inc. shed 2.9% and RE|MAX Holdings Inc. lost 2.3%. Meanwhile, the yield on the 10-year Treasury note rose 7.6 basis points (0.076 percentage points) to 3.034%. Meanwhile, the SP 500 fell 1.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.