Job data pushes yields lower, homebuilder stocks rise

U.S. homebuilder stocks rose in premarket trading on Friday, as weaker-than-expected jobs data eased pressure on the Federal Reserve to raise interest rates this month and pushed the 10-year Treasury yield lower. Leading gainers included Lennar, D.R. Horton, M/I Homes, LGI Homes, Meritage Homes, PulteGroup and Toll Brothers. Some building suppliers also moved higher, including Masco, Louisiana-Pacific and Hovnanian Enterprises. The SPDR S&P Homebuilders ETF rose 2%. Following the nonfarm payrolls report, consumer discretionary and consumer staples sectors broadly advanced, with Nike the exception after its sales report fell short of expectations.