Apollo-linked housing weakness hits HGX after construction spending drop
PHLX Housing index HGX fell 1.4% Tuesday. The move followed data showing U.S. construction spending unexpectedly fell in July to the lowest level in nearly three years, as higher mortgage rates weighed on single-family homebuilding.
THE PILLARS OF US HOUSING MARKET WEAKNESS: APOLLOThe PHLX Housing index NASDAQ:HGX was down 1.4% on Tuesday after data showed that U.S. construction spending unexpectedly fell in July and hit the lowest level in nearly three years as higher mortgage rates weighed on single-family homebuilding.Apoll…