Mall REITs, Homebuilders Surge On Re-Opening Plans [Daily Recap]
- U.S. equity markets finished modestly lower on Tuesday despite a resurgence in many of the most beaten-down cyclical industries as plans progress to re-open segments of the U.S. economy.
- Following gains of 1.5% yesterday, the S&P 500 finished lower by 0.5% while the Dow Jones Industrial Average declined roughly 30 points after yesterday's 360 point rally.
- Real estate equities finished mostly higher for the second-straight day as the broad-based Equity REIT ETFs gained 1.3% led by a surge in the beaten-down retail REITs.
- Simon Properties (SPG) surged more than 10% after reports that the mall REIT stalwart plans to open 49 of its malls this weekend, a move that has important implications for May rent collection.
- Homebuilders surged for the third-straight day after DR Horton - the nation's largest homebuilder - reported strong Q1 results and noted that home sales activity has picked up in recent weeks.
Real Estate Daily Recap
U.S. equity markets finished modestly lower on Tuesday despite a resurgence in many of the most beaten-down cyclical industries as plans progress to re-open segments of the U.S. economy. Following gains of 1.5% yesterday, the S&P 500 ETF (SPY) finished lower by 0.5% while the Dow Jones Industrial Average (DIA) declined roughly 30 points after yesterday's 360 point rally. Real estate equities finished mostly higher for the second-straight day as the broad-based Equity REIT ETFs (VNQ) (SCHH) gained 1.3% led by a surge in the beaten-down retail REITs on news that mall REIT Simon Property (SPG) plans to re-open many malls this weekend. Mortgage REITs (REM) also jumped nearly 6% ahead of a busy week of real estate earnings.
