Homebuilders Lead Rebound [Daily Recap]
- U.S. equity markets rallied into the weekend on Friday but ended the week with modest losses ahead of another consequential week of economic data and corporate earnings.
- Ending the week with declines of roughly 1.5%, the S&P 500 finished higher by 1.4% on Friday while the Dow Jones Industrial Average gained roughly 260 points.
- Real estate equities rebounded on an otherwise tough week as the broad-based Equity REIT ETFs gained 0.6% on Friday, but remained lower by nearly 5% for the week.
- Homebuilders finished sharply higher on Friday after a strong week of earnings results indicating that new homes are indeed still being built and sold amid the ongoing pandemic.
- The handful of REIT earnings reports this week were generally in-line or slightly better than expectations, but we'll know much more next week when roughly a quarter of the sector reports, which we'll preview in our Real Estate Weekly Outlook.
Real Estate Daily Recap
U.S. equity markets rallied into the weekend on Friday but ended the week with modest losses ahead of another consequential week of economic data and corporate earnings results. Ending the week with declines of roughly 1.5%, the S&P 500 ETF (SPY) finished higher by 1.4% on Friday while the Dow Jones Industrial Average (DIA) gained roughly 260 points but ended the week lower by 2%. Real estate equities rebounded on an otherwise tough week as the broad-based Equity REIT ETFs (VNQ) (SCHH) gained 0.6% on Friday, but remained lower by nearly 5% for the week. Mortgage REITs (REM), meanwhile, declined by 0.7% today and were lower by 4.5% on the week.
