Reopenings Retracted | Rally Reversed | Earnings Ahead
Daily Recap
- U.S. equity markets reversed early-session gains on Monday, finishing mostly lower after California announced a reimposition of economic lockdowns on many services-oriented businesses amid an uptick in confirmed virus cases.
- Following gains of 1.7% last week, the S&P 500 finished lower by 0.9% today while the Dow Jones Industrial Average finished roughly flat, more than 500 points below its intra-day-high.
- After finishing last week lower by 2.4%, Equity REIT ETFs finished lower by another 1.2% today with 15 of 18 property sectors in negative territory while Mortgage REITs fell 0.3%.
- Following a fairly slow week of economic data, we have a busy slate of economic data in the week ahead, as well as the official start of second-quarter earnings season with the "big banks" reporting results.
- REIT earnings season kicks off a week from today. As with Q1 earnings season, rent collection and dividend cuts/resumptions are expected to be the primary focus of investors in the second quarter.
