REITs, Homebuilders Lead Surge On Vaccine Data [Daily Recap]
- U.S. equity markets surged on Monday following news of positive clinical trial results from Moderna on a potential coronavirus vaccine while more U.S. states commence the reopening process.
- Following declines of more than 2% last week, the S&P 500 rallied 3.2% while the Dow Jones Industrial Average surged 912 points, the 11th largest point-gain of all-time.
- After dipping nearly 9% last week amid reopening resistance, real estate equities recovered more-than-half of last week's declines in a single-session as REIT earnings season wraps up this week.
- The broad-based Equity REIT ETFs surged by 6.4% on the day with all 18 REIT sectors in positive territory for the day Mortgage REITs gained 7.1%, recovering most of last week's losses.
- Homebuilders surged more than 12% after better-than-expected Homebuilder Sentiment data and an update from Meritage Homes that it expects demand in May to be similar to last year amid early signs of a "V-shaped" recovery in the housing markets.
Real Estate Daily Recap
U.S. equity markets surged on Monday following news of positive clinical trial results from Moderna (MRNA) on a potential coronavirus vaccine while more U.S. states commence the perhaps overdue reopening process. Following declines of more than 2% last week, the S&P 500 ETF (SPY) rallied 3.2% while the Dow Jones Industrial Average (DIA) surged 912 points on the 11th largest point gain for the Dow of all-time. After dipping nearly 9% last week amid reopening resistance, real estate equities recovered more than half of last week's declines in a single-session as REIT earnings season wraps up this week. The broad-based Equity REIT ETFs surged by 6.4% on the day with all 18 REIT sectors in positive territory for the day Mortgage REITs gained 7.1%, recovering most of last week's losses.
