Mall Survival • IPO Froth • Vaccine Approval Imminent

December 11, 2020 | Hoya Capital

Mall Survival • IPO Froth • Vaccine Approval Imminent Daily Recap Dec 11 Written By Summary U.S. equity markets finished mixed Friday, ending the week with modest declines ahead of the expected FDA approval of the first COVID vaccine, while stimulus talks remain stuck in neutral. Ending the week lower by 1.0%, the S&P 500 finished lower by 0.1% today while the Dow Jones Industrial Average gained 47 points. Small-Caps hung onto gains for the week.

Real estate equities were mixed on the day but were among the laggards this week. The broad-based Equity REIT ETF declined by 0.1% today and roughly 2% on the week. Troubled mall owner Pennsylvania REIT (PEI) jumped 13.1% today after announcing that it has emerged from Chapter 11 bankruptcy proceedings, the first step of many towards stabilization. Four more equity REITs boosted their dividends this week. We'll have a full analysis of REIT Dividend Season and this week's price action in our Real Estate Weekly Recap published tomorrow morning.

Real Estate Daily Recap U.S. equity markets finished mixed Friday, ending the week with modest declines ahead of the expected FDA approval of the first COVID vaccine in the United States within hours while the long-stalled fiscal stimulus renewal remains seemingly stuck in neutral. Ending the week lower by 1.0%, the S&P 500 ETF ( SPY ) finished lower by 0.1% today while the Dow Jones Industrial Average ( DIA ) gained 47 points.

Real estate equities were mixed on the day, but were generally among the laggards this week. The broad-based Equity REIT ETF ( VNQ ) declined by 0.1% today with 12 of the 18 property sectors in positive territory. The Mortgage REIT ETF ( REM ) declined 0.4% on the day. Concerns of froth in equity markets have become more apparent over the past week amid an IPO frenzy with Airbnb ( ABNB ) and DoorDash ( DASH ) surging in their ...