REITs End Rough Week In The Red [Daily Recap]
- U.S. equity markets clawed back some of their weekly declines on Friday, but still finished lower by more than 2% amid uncertainty over the trajectory of the post-lockdown economic rebound.
- After gaining 1.2% yesterday, the S&P 500 finished higher by 0.4% while the Dow Jones Industrial Average gained 60 points following yesterday's 377 point rally.
- Following gains over the prior two weeks during the peak of earnings season, REITs and other economically-sensitive sectors fell sharply this week. Equity and Mortgage REITs each dipped nearly 9%.
- Retail Sales data showed a historic plunge in April during the worst of the virus-related lockdowns. Home improvement stores and e-commerce were some of the few areas of strength.
- We'll have a full review of this week's economic data and REIT earnings results in our Weekly Outlook report published tomorrow morning.
Real Estate Daily Recap
U.S. equity markets clawed back some of their weekly declines on Friday, but still finished lower by more than 2% amid uncertainty over the trajectory of the post-lockdown economic rebound. After gaining 1.2% yesterday, the S&P 500 ETF (SPY) finished higher by 0.4% while the Dow Jones Industrial Average (DIA) gained 60 points following yesterday's 377 point rally. After solid gains over the prior two weeks during the peak of earnings season, REITs and other economically-sensitive sectors fell sharply this week. Dipping nearly 9% on the week, the broad-based Equity REIT ETFs declined by 0.5% on the day but all 18 REIT sectors were negative on the week. Mortgage REITs pulled back by 1.5% today and also ended the week off by nearly 9%.
