Election Uncertainty | REITs Rebound | Earnings "Home Runs"

October 23, 2020 | Hoya Capital

Election Uncertainty | REITs Rebound | Earnings "Home Runs" Daily Recap Oct 23 Written By Daily Recap U.S. equity markets finished mostly higher Friday as a continuation of better-than-expected economic data and solid corporate earnings results offset continued frustration over the stimulus stalemate. Finishing lower by 0.4% this week, the S&P 500 clawed back 0.3% today while the tech-heavy Nasdaq 100 finished higher by 0.2% and the Dow Jones Industrial Average declined 28-points.

The broad-based Equity REIT ETF (VNQ) finished higher by 0.6% today with 15 of 18 property sectors in positive territory but still ended the week with declines of roughly 0.5%. Election uncertainty has crept back into the markets as polls tightened before the final Presidential debate last night. Former VP Joe Biden's lead in the RCP Top Battleground Average has shrunk to 3.8 percentage points, exactly in-line with Hilliary Clinton's lead at this time in 2016.

Earnings Home Runs: Housing order growth surged a staggering 49% among the four homebuilders that reported earnings results this week. Redfin CEO commented that the "level of housing demand is absolutely insane." Real Estate Daily Recap U.S. equity markets finished mostly higher Friday as a continuation of better-than-expected economic data and solid corporate earnings results offset continued frustration over the stimulus stalemate. Finishing lower by 0.4% on the week, the S&P 500 ETF ( SPY ) clawed back 0.3% today while the tech-heavy Nasdaq 100 ( QQQ ) finished higher by 0.2% and the Dow Jones Industrial Average ( DIA ) declined 28 points.

The broad-based Equity REIT ETF ( VNQ ) finished higher by 0.6% today with 15 of 18 property sectors in positive territory but still ended the week with declines of roughly 0.5% despite a generally strong slate of earnings. Meanwhile, the Mortgage REIT ETF ( REM ) jumped 1.8% on the day to end the week with gains of 0.9%. It was another choppy trading day as ...