REIT Rebound Continues [Daily Recap]
- U.S. equity markets finished flat on Tuesday following robust gains on Monday as investors look for confirmation that the coronavirus outbreak is indeed slowing in key "hotspots" around the globe.
- After gaining 6.9% yesterday, the S&P 500 finished roughly flat while the Dow Jones Industrial Average retreated by 26 points after yesterday's 1,627 points surge.
- Real estate equities were among the leaders for the second-straight day as the broad-based commercial Real Estate ETFs gained 1.4% with 11 of the 18 REIT sectors in positive territory.
- Mortgage REITs continue to show signs of life following a punishing week, adding another 6.0% in gains following 10.9% on Monday despite a surge in mortgage forbearance requests.
- DR Horton, the nation's largest single-family builder, reported surprisingly strong preliminary earnings results. Net sales orders during March actually increased 6% while the cancellation rate ticked higher to 24% from 18% last year.
Real Estate Daily Recap
U.S. equity markets finished flat on Tuesday following robust gains on Monday as investors look for confirmation that the coronavirus outbreak is indeed slowing in key "hotspots" around the globe. After surging 6.9% yesterday, the S&P 500 ETF (SPY) finished roughly flat while the Dow Jones Industrial Average (DIA) retreated by 26 points after yesterday's 1,627 points surge. Real estate equities were among the leaders for the second-straight day as the broad-based commercial Real Estate ETFs (VNQ) (SCHH) gained 1.4% with 11 of the 18 REIT sectors in positive territory for the day. Mortgage REITs (REM) continue to show signs of life after a punishing week, adding another 6.0% in gains following 10.9% on Monday.
