Daily Recap: REITs Flat | Retail Miss | Happy Homebuilders

October 16, 2019 | Hoya Capital

Daily Recap: REITs Flat | Retail Miss | Happy Homebuilders Uncategorized Oct 16 Written By With earnings season kicking into high gear this week amid a backdrop of continued trade and monetary policy uncertainty, US equity markets have been surprisingly tranquil through the first three days of the week. The S&P 500 (SPY) traded in a tight range today, ending the day lower by 0.2% while the Nasdaq (QQQ) finished off by 0.3%.

Real estate equities were mixed on the day with the broad-based REIT ETF (VNQ) ended the day higher by 0.1%, led by the timber, student housing, and apartment REIT sectors while the cell tower sector lagged. The 10-Year yield finished lower by 2 basis points, pressured by a miss on retail sales data this morning, one of the final major reports before the Fed's October meeting. The Hoya Capital Housing Index , the benchmark that tracks the performance of the US housing industry, finished the day at another new closing high, gaining 0.7% on the day.

Seven of the eight industry groups finished in positive territory on the day, led by the homebuilding sector following a very strong read on Homebuilder Sentiment this morning. Top individual performers on the day within the housing sector included Louisiana-Pacific (LPX), Redfin (RDFN), Realogy (RLGY), Toll Brothers (TOL), ReMax (RMAX), and Taylor Morrison (TMHC). Today, we published our Real Estate Earnings Preview . Below we compiled the notable earnings that we’re watching across the residential and commercial real estate sectors, which we will update throughout earnings season in our Real Estate Weekly Review .

Retail Sales fell on a month-over-month basis for the first time in seven months in September, but the internal numbers were better than the headline print. Total retail sales fell 0.3% from the prior month, but remain higher by 4.1% from the same period last year on a seasonally-adjusted annualized basis. We saw some mean reversion in ...