Housing Boom | Shutdown Gloom | Vaccines Loom

November 18, 2020 | Hoya Capital

Housing Boom | Shutdown Gloom | Vaccines Loom Daily Recap Nov 18 Written By U.S. equity markets pulled-back from record-highs on Wednesday as more positive coronavirus vaccine news and strong housing data were overwhelmed by concerns over a "third wave" of economic shutdowns. Erasing its gains for the week, the S&P 500 finished lower by 1.2% today while the Dow Jones Industrial Average retreated by 345 points. The tech-heavy Nasdaq 100 declined 0.8%.

The positive momentum behind the COVID-sensitive property sectors faded today as the broad-based Equity REIT ETF (VNQ) finished lower by 1.9% with 17 of the 18 property sectors in negative-territory. Homebuilders and the broader housing sector were again among the leaders today following another strong slate of housing data this morning as Housing Starts and Building Permits each topped estimates. The booming U.S. housing market has been a boon for home improvement retailers as well.

Lowe's (LOW) reported that comparable same-store sales were higher by 30.1% in the third-quarter, smashing consensus estimates of +22.8%. Real Estate Daily Recap U.S. equity markets pulled-back from record-highs on Wednesday as more positive coronavirus vaccine news and strong housing data were overwhelmed by concerns over a "third wave" of economic shutdowns. Erasing its gains for the week, the S&P 500 ETF ( SPY ) finished lower by 1.2% today while the Dow Jones Industrial Average ( DIA ) retreated by 345 points.

The tech-heavy Nasdaq 100 ( QQQ ) declined by 0.8%. The positive momentum behind the COVID-sensitive commercial property sectors faded today as the broad-based Equity REIT ETF ( VNQ ) finished lower by 1.9% with 17 of the 18 property sectors in negative territory. The Mortgage REIT ETF ( REM ) finished lower by 0.1%, but remains firmly higher on the week. Stocks entered the session in record territory following the release of extremely promising vaccine data this morning from Pfizer ( PFE ), which reported that its COVID-19 ...