Homebuilders, REITs Continue Strong Week [Daily Recap]
- U.S. equity markets finished mostly lower on Thursday following a strong start to the week as employment data showed that job losses continued to mount before states began easing lockdowns.
- Following yesterday's 1.7% gain, the S&P 500 declined by 0.7% while the Dow Jones Industrial Average dipped 102 points following yesterday's 369 point-gain. Small-cap and Mid-cap stocks outperformed today.
- Real estate equities were mostly higher, adding to a strong week of outperformance. Homebuilders continued their recent resurgence on better-than-expected home sales data.
- The broad-based Equity REIT ETFs finished fractionally higher with 12 of the 18 REIT sectors in the green today while Mortgage REIT ETFs retreated by 0.8%.
- We saw another round of ugly Initial Jobless Claims data that showed that another 2.43 million Americans filed for unemployment benefits last week, bringing the eight-week total to over 38 million.
Real Estate Daily Recap
U.S. equity markets finished mostly lower on Thursday following a strong start to the week as employment data showed that job losses continued to mount before states began easing lockdowns. Following yesterday's 1.7% gain, the S&P 500 ETF (SPY) declined by 0.7% while the Dow Jones Industrial Average (DIA) dipped 102 points following yesterday's 369 point-gain. Real estate equities were mostly higher, adding to a strong week of outperformance. The broad-based Equity REIT ETFs finished fractionally higher with 12 of the 18 REIT sectors in the green today, led by many of the more recently-beaten-down sectors including retail and hotels while Mortgage REIT ETFs retreated by 0.8% but remain higher by roughly 10% this week.
