Amazon Saves Malls? | Stimulus Stalemate | Earnings Wrap
Daily Recap
- U.S. equity markets gained for the seventh-straight day Monday after the White House took executive action amid the stimulus stalemate as encouraging coronavirus data pulled cautious investors back into the market.
- Following gains of 2.5% last week, the S&P 500 finished higher by 0.3% - closing within 2% of all-time highs - while the Dow Jones Industrial Average jumped 360 points.
- After gaining 1.2% last week, the Equity REIT ETF (VNQ) finished higher by 0.2% today with 13 of 18 property sectors in positive territory. The Mortgage REIT ETF (REM) gained 2.8%.
- We're now in the home stretch of real estate earnings season which concludes this week with the final 11 equity REITs reporting results. Results thus far have trended better-than-expected.
- Simon Property jumped more than 5% today following reports that the company is in talks with Amazon to turn vacated department stores into distribution centers. SPG reported results after the close today, noting improving rent collection.
