Airbnb IPO • Inflation Steady • Jobless Claims Rise

December 10, 2020 | Hoya Capital

Airbnb IPO • Inflation Steady • Jobless Claims Rise Daily Recap Dec 10 Written By Summary U.S. equity markets finished mixed Thursday as concerns over a sharp rise in initial jobless claims were partially offset by vaccine-driven optimism, underscored by the IPO of home rental firm Airbnb. Now lower by 0.8% on the week, the S&P 500 finished fractionally lower today but the tech-heavy Nasdaq 100 gained 0.4%. The Small-Cap and Mid-Cap indexes finished higher as well.

Real estate equities were mostly lower on the day as the broad-based Equity REIT ETF (VNQ) declined by 0.4% today with 11 of the 18 property sectors in negative territory. Vaccine optimism offset concerning employment data as Initial Jobless Claims rose to the highest weekly rate since September amid an ongoing intensification of the coronavirus outbreak. Airbnb (ABNB) more-than-doubled in its market debut today, ending the day with a market capitalization of over $100 billion dollars, valued roughly on-par with the combined valuation of Marriott, Hilton, Hyatt, and each of the eighteen hotel REITs put together.

Real Estate Daily Recap U.S. equity markets finished mixed Thursday as concerns over a sharp rise in initial jobless claims were partially offset by vaccine-driven optimism, underscored by the booming IPO of home rental firm Airbnb ( ABNB ). Now lower by 0.8% on the week, the S&P 500 ETF ( SPY ) finished fractionally lower today but the tech-heavy Nasdaq 100 ETF ( QQQ ) gained 0.4%. Real estate equities were mostly lower on the day as the broad-based Equity REIT ETF ( VNQ ) declined by 0.4% today with 11 of the 18 property sectors in negative territory.

The Mortgage REIT ETF ( REM ) declined 0.4% on the day. All eyes are now on the FDA as the first vaccine approval in the United States is reportedly "imminent" following the review of Pfizer's ( PFE ) vaccine candidate today. Vaccine optimism offset concerning employment ...