Daily Recap: Record Day | Rates Climb | Merger Monday

October 28, 2019 | Hoya Capital

Daily Recap: Record Day | Rates Climb | Merger Monday Uncategorized Oct 28 Written By The S&P 500 ETF ( SPY ) climbed 0.6% to a new closing record high on Monday as the busiest remaining week of 2019 kicked off on a high note. The stars align this week for a "data dump" that includes the monthly job report, the first look at third-quarter GDP, more than 140 S&P 500 earnings reports, and the critical Federal Reserve rate decision.

The Nasdaq ETF ( QQQ ) gained 1.0% on the day, closing barely shy of new all-time records. Coming off a week of uncharacteristic underperformance, real estate equities were again lower on the day as the 10-year Treasury Yield ( IEF ) ticked higher by another 5 basis points, closing at 1.85% which is at the top of the 3-month range, up from a low of 1.43% on September 3rd.

The broad-based REIT ETF ( VNQ ) ended the day lower by 0.3%, led to the upside by the timber, manufactured housing, and hotel REIT sectors but dragged down by the cell tower, mall, and industrial REIT sectors. Coming off a record weekly closing high, the Hoya Capital Housing Index , the benchmark that tracks the performance of the US housing industry, finished off by 0.5%, dragged down by a sell-off in the high-flying homebuilders.

The home improvement retailers and real estate brokerage and technology firms led to the upside today with Re/Max ( RMAX ), Realogy ( RLGY ), Redfin ( RDFN ), and Zillow ( Z ) all delivering a strong day. On the earnings slate among US Housing Index components this afternoon is home building products and materials companies Simpson ( SSD ), Leggett & Platt ( LEG ), PotlaticDeltic ( PCH ), Trex Companies ( TREX ), and Cavco ( CVCO ) as well as apartment REIT AvalonBay ( AVB ), and senior housing REIT Welltower ...