What Happened?
A number of stocks fell in the afternoon session after concerns about the health of the U.S. economy grew following a significant downward revision of job market data.
The Labor Department reported that employers added 911,000 fewer jobs from April 2024 through March than initially estimated. These "benchmark revisions" are issued annually to more accurately account for new and defunct businesses. The report detailed that the leisure and hospitality sector added 176,000 fewer jobs, professional and business services 158,000 fewer, and retailers 126,000 fewer. This weaker-than-expected data has fueled investor anxiety, as it suggests businesses may be becoming more reluctant to hire amid economic uncertainty. The numbers issued are preliminary, with final revisions scheduled for February 2026.
JPMorgan Chase CEO Jamie Dimon added that the U.S. economy is "weakening," though he stopped short of predicting a recession. "Whether it's on the way to recession or just weakening, I don't know," he said. Dimon's remarks are closely watched, given his influence as head of one of the nation's largest banks.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Home Builders company NVR (NYSE: NVR) fell 3.2%. Is now the time to buy NVR? Access our full analysis report here, it’s free.
- Home Builders company Taylor Morrison Home (NYSE: TMHC) fell 3.3%. Is now the time to buy Taylor Morrison Home? Access our full analysis report here, it’s free.
- Home Builders company TopBuild (NYSE: BLD) fell 3.7%. Is now the time to buy TopBuild? Access our full analysis report here, it’s free.
- HVAC and Water Systems company Northwest Pipe (NASDAQ: NWPX) fell 2.6%. Is now the time to buy Northwest Pipe? Access our full analysis report here, it’s free.
- Commercial Building Products company Apogee (NASDAQ: APOG) fell 3.5%. Is now the time to buy Apogee? Access our full analysis report here, it’s free.
Zooming In On TopBuild (BLD)
TopBuild’s shares are quite volatile and have had 17 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 5 months ago when the stock dropped 6.6% on the news that stocks gave back some of the gains from the previous day as the White House clarified the tariffs on imports from China would add up to 145%, while the baseline 10% tariffs remained in place for most countries. This added layer of uncertainty reminded investors that the global trade environment remained volatile, limiting the potential for sustained market gains. Also President Trump said he was willing to accept pain in the short term, and was aware his policies could cause a recession, but he remained more mindful of a more severe case of economic depression (higher unemployment and prolonged downturn). For investors, this suggested that the administration could prioritize long-term structural shifts over near-term economic stability, further increasing policy-driven risk in the markets.
TopBuild is up 36.1% since the beginning of the year, and at $422.39 per share, it is trading close to its 52-week high of $443.31 from August 2025. Investors who bought $1,000 worth of TopBuild’s shares 5 years ago would now be looking at an investment worth $2,735.
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