Daily Recap: REITs Lag As Stocks Set Fresh Records
- US equity markets rallied for the second straight day, closing at fresh record highs as geopolitical tensions in the Middle East continued to thaw following the hostilities earlier this week.
- The S&P 500 gained another 0.6% and the Nasdaq climbed by 0.7% while the 10-Year Treasury Yield finished lower by 2 basis points to close at 1.86%.
- The broad-based Real Estate ETF finished flat, led to the upside by the timber and technology REIT sectors, but dragged down by the retail REIT sectors after weak retail earnings.
- Entry-level-focused homebuilder KB Home released earnings after the bell today, reporting an impressive 38% year-over-year increase in net orders, another strong data point for the housing market.
- The BLS jobs report will be the focus tomorrow. Economists are looking for 160k in job growth following last month's blowout report, which saw an impressive 266k jobs added. Average hourly earnings are expected to increase by 3.1%.
