Daily Recap: Fed Holds | REITs Lower | Earnings Ramp-Up
- U.S. equity markets were mixed on Wednesday, giving back early-session gains on a jam-packed day of economic data, corporate earnings, and the Federal Reserve interest rate decision.
- The S&P 500 finished fractionally lower and the Dow Jones Industrial Average added 12 points. The 10-Year Treasury Yield slid another 5 basis points to close at 1.59%.
- Despite the drop in yields, the broad-based commercial Real Estate ETF (VNQ) underperformed, declining by 0.4% on the day as earnings season begins to ramp-up.
- Housing data has been mixed this week, snapping a streak of better-than-expected data. Pending Home Sales data missed estimates but was still higher by 5% year-over-year.
- Demand for mortgages remains strong, however, as the 30-year fixed mortgage rate remains near historic lows. The MBA Purchase Index is higher by 17% from the same week last year.
