Homebuilders, REITs Continue Strong Week [Daily Recap]

May 21, 2020 | Hoya Capital

Homebuilders, REITs Continue Strong Week [Daily Recap] Uncategorized May 21 Written By U.S. equity markets finished mostly lower on Thursday following a strong start to the week as employment data showed that job losses continued to mount before states began easing lockdowns. Following yesterday's 1.7% gain, the S&P 500 declined by 0.7% while the Dow Jones Industrial Average dipped 102 points following yesterday's 369 point-gain. Small-cap and Mid-cap stocks outperformed today.

Real estate equities were mostly higher, adding to a strong week of outperformance. Homebuilders continued their recent resurgence on better-than-expected home sales data. The broad-based Equity REIT ETFs finished fractionally higher with 12 of the 18 REIT sectors in the green today while Mortgage REIT ETFs retreated by 0.8%. We saw another round of ugly Initial Jobless Claims data that showed that another 2.43 million Americans filed for unemployment benefits last week, bringing the eight-week total to over 38 million.

Real Estate Daily Recap U.S. equity markets finished mostly lower on Thursday following a strong start to the week as employment data showed that job losses continued to mount before states began easing lockdowns. Following yesterday's 1.7% gain, the S&P 500 ETF ( SPY ) declined by 0.7% while the Dow Jones Industrial Average ( DIA ) dipped 102 points following yesterday's 369 point-gain. Real estate equities were mostly higher, adding to a strong week of outperformance.

The broad-based Equity REIT ETFs finished fractionally higher with 12 of the 18 REIT sectors in the green today, led by many of the more recently-beaten-down sectors including retail and hotels while Mortgage REIT ETFs retreated by 0.8% but remain higher by roughly 10% this week. Click here to read the full report on Seeking Alpha! Comments (0) Newest First Oldest First Newest First Most Liked Least Liked Add Comment --> Preview Edit --> Post Comment… Previous Previous Office REITs: Coronavirus Killed Corporate Culture Next Next V-Shaped Housing Recovery? [Daily Recap]