"S&P 500 Loses Gains as Bond Yields Rise in Today's Stock Market"

The S&P 500 erased earlier gains as bond yields climbed, with homebuilder stocks falling after the NAHB/Wells Fargo Housing Market Index remained flat in April, indicating potential demand growth but hesitancy due to uncertainty about interest rates. Lennar, Pulte, and Toll Brothers saw declines, reflecting how prospective buyers and sellers are staying put amid high home prices and limited housing stock. The recent inflation print has led investors to scale back rate cut expectations, while mortgage rates have risen, impacting the spring homebuying season. Builders have slightly reduced home prices and sales incentives in April.