REITs Lower As Jobless Claims Mount [Daily Recap]
- U.S. equity markets finished mixed on Thursday as investors look ahead to a possible re-opening of the U.S. economy following another rough slate of economic data.
- 26.4 million. Initial Jobless Claims data showed that a decade's worth of employment gains have been erased - at least temporarily - in the last five weeks alone.
- After gaining 2.3% yesterday, the S&P 500 finished marginally lower while the Dow Jones Industrial Average gained 40 points after yesterday's 450-point gain.
- Real estate equities finished mostly lower as the broad-based Equity REIT ETFs finished off by 0.9% with the beaten-down retail, office, and hotel sectors rebounding while Mortgage REITs finished lower by 0.6%.
- We saw a flurry of REIT earnings this week - roughly 5% of the total REIT universe - and results so far have been generally pretty decent. Rent collection metrics from residential and industrial REITs has been strong, but not-so-much from retail REITs.
Real Estate Daily Recap
U.S. equity markets finished mixed on Thursday as investors look ahead to a possible re-opening of the U.S. economy following another rough slate of economic data. Initial Jobless Claims data showed that a decade's worth of employment gains have been erased - at least temporarily - in the last five weeks alone. After gaining 2.3% yesterday, the S&P 500 ETF (SPY) finished marginally lower while the Dow Jones Industrial Average (DIA) gained 40 points after yesterday's 450-point gain. Real estate equities finished mostly lower as the broad-based Equity REIT ETFs (VNQ) (SCHH) finished off by 0.9% with the beaten-down retail, office, and hotel sectors rebounding while Mortgage REITs (REM) finished lower by 0.6%.
