D.R. Horton is the largest homebuilder in the United States with operations in 126 markets across 36 states. D.R. Horton mainly builds single-family homes (over 90% of home sales revenue) and offers products to entry-level, move-up, luxury buyers, and active adults. The company offers homebuyers mortgage financing and title agency services through its financial services segment. The firm has majority ownership of Forestar Group, a publicly traded residential lot development company. D.R. Horton's headquarters are in Arlington, Texas.

D.R. Horton, based in Fort Worth, Texas, is one of the largest home builders in the U.S., with home-building revenue of $31 billion on 84,863 closings for the fiscal year ended September 30, 2025. To be sure, DHI may be No. 1 based on deliveries while Lennar Corp.'s $32.27 billion in home-building revenue topped Horton's in FY25, helped by an average sales price that is about $22,000 higher than DHI's. DHI offers homes in 126 markets in 36 states. The average home price was down about 1% to $365,000 in FY25. The company's financial services segment also provides mortgage financing and title agency services. DHI's rental division generated $1.7 billion of revenue in 2025. The company's fiscal year ends on September 30. The business is seasonal, with the highest revenues and operating income generally delivered in the third (ending in June) and fourth (September) quarters and lower revenues and operating income generally delivered in the first (December) and second (March) quarters.

Wednesday saw another eruption in crude oil, with WTI exploding over 8% and trading at $108.50/barrel late in the day. Brent oil soared over 9% to $121.30/barrel. WTI is near its highest close since the war started, which was $113, while Brent hit a new high, taking out its prior high close near $113 from March 30. Gasoline futures popped over 5% to a new high of $3.61/gallon, up 80% since February 24 when it traded at just $2.00/gallon. Energy stocks have, of course, benefited. The Energy Select SPDR (XLE) ripped higher by 2.3%, the S&P Oil & Gas Exploration & Production (XOP) surged 3.5%, and the VanEck Oil Services (OIH) rose 'only' 1%. The OIH and the Dow Jones U.S. Oil Equipment & Services Index were the only oil indices to reach all-time highs on Wednesday. An oddity we discovered about the recent decline and (now) wicked reversal to the upside is the action of the S&P 500's daily Bollinger Bands (BB). Generally, the width of the BBs will peak near or at the bottom of a pullback or correction, this as declines are usually faster than uptrends. At the recent bottom, the BBs were almost 9% apart -- but during the ensuing rally, the BB width was over 15%. Looking at the period from February to June 2025, the width of the bands peaked on April 21, right near the bottom at nearly 18%. After the S&P 500 rallied back to the prior high, the width of the band was only 4%. Still, during the 2023 pullback, the peak in the width of the BB occurred during the rally phase. In the 2022 bear market, the BB width peaked in June, more than three months before the bottom.

D.R. Horton is the largest homebuilder in the United States with operations in 126 markets across 36 states. D.R. Horton mainly builds single-family homes (over 90% of home sales revenue) and offers products to entry-level, move-up, luxury buyers, and active adults. The company offers homebuyers mortgage financing and title agency services through its financial services segment. The firm has majority ownership of Forestar Group, a publicly traded residential lot development company. D.R. Horton's headquarters are in Arlington, Texas.