Homebuilder Stocks Outperform Ahead Of Potential Rate Cuts — But What's Next?
Homebuilder Stocks Outperform Ahead Of Potential Rate Cuts — But What's Next?
"Lower rates would benefit home demand."Homebuilder and building product stocks could see an upward trend if the Federal Reserve cuts the key interest rate on Wednesday, based on historical performance, according to a major U.S. bank.
如果聯儲局在星期三降低關鍵利率，基於歷史表現，房屋建築商和建築產品股票可能會出現上漲趨勢，根據一個美國大銀行的說法。
The Fed is expected to lower rates by either 25 or 50 basis points, marking the first change since July 2023 when it raised the rate to a range of 5% to 5.25%.
預計聯儲局將減息25或50個點子，這是自2023年7月將利率上調至5%-5.25%區間以來的首次變動。
"Builders and building product stocks have outperformed in anticipation of rate cuts," BofA Securities said in a note on Tuesday.
"BofA Securities在週二的一份報告中表示："建築商和建築產品股票在減息預期中表現優異。"
"Lower rates would benefit home demand."
"減息將有利於房屋需求。"
Homebuilder and building product stocks have rallied since early July as 30-year mortgage rates have fallen from 7% to roughly 6.2%, boosting new home demand and spending on home improvements, BofA said.
美國大銀行表示，自7月初以來，由於30年期抵押貸款利率從7%下降到約6.2%，推動了新房需求和家庭改善支出，房屋建築商和建築產品股票已經反彈。
"In our view, the stock performance has been stronger than the improvement in underlying fundamentals as investors look through near-term weakness to a 2025 recovery fueled by lower mortgage rates and pent-up demand," the note stated.
"在我們看來，股票表現比潛在基本面的改善更強勁，因爲投資者期待在2025年利率下降和需求釋放的推動下的復甦，忽略了短期的疲軟。"
Read Also: Homebuilder Stocks Rally To Record Highs On Rate-Cut Frenzy But Housing Sales Still Struggle
閱讀也可以：房屋建築商股票在減息狂潮中創下歷史新高，但房屋銷售依然艱難
"Housing sector outperformance ahead of rate cuts is consistent with prior cycles, but the magnitude and valuations are higher this time around. Stock performance following the first cut is more mixed although usually positive for homebuilders."
"在減息之前，房地產板塊的表現與先前週期一致，但這次的幅度和估值較高。首次減息後的股票表現較爲混合，儘管通常對房屋建築商股票是正面的。"
BofA noted that homebuilders outperformed the S&P 500 in the three months before three of the last five initial rate cuts, and building products outperformed in four of the last five.
BofA指出，在過去五次初始利率下調前的三個月中，住房建築商表現優於標準普爾500指數，而建築產品則在過去五次中有四次表現出色。
In the last three months, homebuilder stocks have gone up 26% and building product shares have risen 13%, compared to the S&P 500's 2% uptick over the same period, BofA said.
BofA表示，在過去三個月裏，住房建築商股票上漲了26%，建築材料股票上漲了13%，而同期標準普爾500指數僅上漲了2%。
"Assuming the Fed starts to cut rates in September, homebuilder and building product stocks will be trading at a higher valuation than going into any of the last five periods when the Fed started to cut."
「假設聯儲局從9月開始減息，與過去的五次減息時期相比，住房建築商和建築產品的股票將以更高的估值交易。」
BofA also pointed out that homebuilders and building products typically underperform the S&P 500 ahead of a recession but outperform it during and after a recession.
BofA還指出，住房建築商和建築產品在經濟衰退前通常表現不佳，但在經濟衰退期間和之後表現優於標準普爾500指數。
Price Action: Homebuilder stocks traded higher on Tuesday.
股價走勢：住房建築商股票在週二上漲。
- Pulte Group, Inc. (NYSE:PHM) rose 0.04% to $140.46.
- D.R. Horton, Inc. (NYSE:DHI) was up 0.3% to $195.37.
- Lennar Corporation (NYSE:LEN) gained 1.1% to $189.36.
- Pulte Group, Inc.（紐交所：PHM）上漲0.04%，至140.46美元。
- D.R. Horton, Inc.（紐交所：DHI）上漲0.3%，至195.37美元。
- Lennar Corporation（紐交所：LEN）上漲1.1%，至189.36美元。
Building products also saw gains and losses.
建築產品也出現了盈虧。
- Antelope Enterprise Holdings Ltd. (NASDAQ:AEHL) rose 2.94% to $1.05.
- Interface, Inc. (NASDAQ:TILE) dropped 1.37% to $18.76.
- Technoglass Inc. (NYSE:TGLS) went up 1.12% to $67.51.
- Antelope Enterprise Holdings Ltd. (納斯達克:AEHL) 上漲了2.94%，至1.05美元。
- Interface, Inc. (納斯達克:TILE) 下跌了1.37%，至18.76美元。
- Technoglass Inc. (紐交所:TGLS) 上漲了1.12%，至67.51美元。
The S&P 500, which is tracked by SPDR S&P 500 ETF Trust (NYSE:SPY), was up 0.02% to 5,634.58.
標普500指數，由SPDR標普500 ETF Trust (紐交所:SPY) 追蹤，上漲了0.02%，至5,634.58。
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譯文內容由第三人軟體翻譯。
