• U.S. equity markets climbed to record-highs this past week on positive trial results for a COVID-19 vaccine, a potentially major breakthrough hailed as a "great day for science and humanity."
• Adding to its 7% post-election surge, the S&P 500 gained 2.3% this past week to close at fresh all-time record-highs. The Dow Jones Industrial Average has added nearly 3,000-points since Election Day.
• Vaccine optimism powered real estate equities to a historically strong week. More than 120 REITs gained over 10% as the Equity REIT Index jumped 7.0% while Mortgage REITs surged 8.8%.
• Sector rotation was the theme of the week as investors shifted away from the "stay at home winners" and towards some of the most beaten-down segments of the equity market including retail, hotel, and urban apartment REITs.
• The clock is ticking: while there is "light at the end of the tunnel," it appears that the vaccine won't come soon enough to prevent a "third wave" of targeted economic shutdowns in several hotspots around the country.

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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.