Homebuilding stocks are sliding on Tuesday morning, with the S&P 500 Homebuilding Index down 1.4%, after US Commerce Secretary Wilbur Ross said his agency will impose a 20% tariff on Canadian softwood lumber imports.
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Homebuilders slide after Trump administration announces a 20% tariff on Canadian lumber (PHM, DHI, KBH, TOL, LEN)
"It's about 31.5 percent of the total U.S. market, so it's a pretty big deal in terms of the Canadian relationship," Ross told Reuters.
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While most of the index is seeing some selling in early US trade, PulteGroup is the biggest laggard, down about 4.8% after reporting its first-quarter results.
Here's a look at the performance of some of the other major homebuilders in early Tuesday trade:
- DR Horton
- KB Home
- Lennar
- Toll Brothers
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