Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.4%), and DJIA (+0.2%) hold on to their modest opening gains despite a decline in sector strength.

Lennar (LEN 130.36, -2.51, -1.89%) trades lower today after the company beat EPS expectations by $0.19 but reported a miss on revenues. The top-line miss and weak Q4 delivery outlook underscore the strain from elevated mortgage rates and pricing pressure. While incentives helped keep order momentum strong, the margin compression and soft guidance highlight the cost of maintaining that demand. The Fed's recent rate cut may offer some relief, but with average selling prices under pressure and management opting to slow volume, visibility remains limited.

The iShares U.S. Home Construction ETF is down a modest 0.5% today.