REITs Hit As Earnings Loom
- U.S. equity markets finished flat this week as better-than-expected economic data and earnings results were offset by a continued fiscal stalemate and pressure on technology stocks amid a censorship controversy.
- The S&P 500 managed to eke out a 0.1% gain this week. The Nasdaq 100 ended the week on a four-day skid as Twitter and Facebook face Congressional subpoenas.
- Coming off its best two-week gain since April, a sharp sell-off among COVID-sensitive property sectors sent Equity REITs lower by 2.7% with 17 of 18 property sectors in negative territory.
- Retail sales were far stronger than expected in September, gaining for the fifth month in a row and setting new record highs. Retail sales are now higher by 5.4% from last year, led by the e-commerce and home improvement categories.
- While retail sales and housing data have exhibited continued strength, the employment recovery has shown signs of losing steam in recent weeks with Initial Jobless Claims coming in above estimates.
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Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.