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 PHLX Housing index NASDAQ:HGX fell 1.4% on Tuesday after U.S. construction spending unexpectedly declined in July to the lowest level in nearly three years, with higher mortgage rates weighing on single-family homebuilding. Apollo said the U.S. housing market weakness was evident in the data.