Midday Report: Hovnanian Posts Surprise Loss; U.S. Stocks Sell Off

U.S. stocks sold off as the chances of a September rate hike nearly doubled amid hawkish Fed commentary. Boston Fed President Eric Rosengren is the latest backing a rate hike sooner than later. Real-estate company Hovnanian (HOV) - Get Report slid after reporting a surprise loss in its recent quarter. The loss came as a shock given the robust recovery and high demand in the housing market. The company expects to return to profitability in the second half of the year. Enterprise Products Partners  (EPD) - Get Report has withdrawn its takeover bid for Williams Cos. (WMB) - Get Report after submitting a second offer in late August. The company said Williams had given no path forward, failing to provide an official response to either bid. Navistar  (NAV) - Get Report climbed after Goldman Sachs upgraded its stock to NEUTRAL from SELL. The firm said its latest pact with Volkswagen (VLKAY) meaningfully reduces its liquidity risk. TheStreet's Keris Lahiff has details from Wall Street.