Toll Brothers shares closed nearly 6% lower on Wednesday after the builder reported first-quarter earnings and sales that fell below analyst expectations.It wasn’t high housing costs or increased competition from more homes on the market that led to the miss,

Toll Brothers stock dropped 5.8% in Wednesday premarket trading after the homebuilder's fiscal Q1 earnings and revenue failed to meet Wall Street expectations, even though it reaffirmed full-year guidance.

Wall Street’s pandemic gem faced a broad selloff Wednesday as fears of constrained homebuilders’ margins, bloated inventories and elevated mortgage rates rattle investor sentiment. Most Read from BloombergTrump to Halt NY Congestion Pricing by Terminating ApprovalSorry,