Redfin, Zillow stocks drop after inflation data fuels jump in Treasury yields

Shares of real estate services companies were knocked lower Wednesday after surprisingly strong inflation data sent Treasury yields climbing. A big jump in longer-term Treasury yields this year has weighed heavily on the housing market, as they reduce affordability by boosting mortgage lending rates. Shares of Redfin Corp.
RDFN,
-3.02%
slumped 4.6%, Zillow Group Inc.
Z,
+0.49%
ZG,
+0.73%
dropped 4.0%, Anywhere Real Estate Inc.
HOUS,
-7.33%
shed 2.9% and RE/MAX Holdings Inc.
RMAX,
-1.55%
lost 2.3%. Meanwhile, the yield on the 10-year Treasury note
TMUBMUSD10Y,
4.804%
rose 7.6 basis points (0.076 percentage points) to 3.034%. Meanwhile, the S&P 500
SPX,
+1.18%
fell 1.0%.