Markets Plunge | European Lockdowns | Earnings Recap

October 28, 2020 | Hoya Capital

Markets Plunge | European Lockdowns | Earnings Recap Daily Recap Oct 28 Written By U.S. equity markets finished sharply lower Wednesday as rising coronavirus case-counts prompted several European countries to reimpose lockdowns while technology stocks plunged amid an ongoing censorship controversy. Now on the cusp of "correction territory," the S&P 500 declined by 3.5% today while the tech-heavy Nasdaq 100 finished lower by 3.7%. The Dow Jones Industrial Average dove 943-points.

Despite a solid slate of real estate earnings over the last 24-hours, the broad-based Equity REIT ETF (VNQ) declined by 2.4% today with all 18 property sectors finishing in negative territory. We're in the midst of the busiest 24 hours of REIT earnings season. Results thus far have generally topped estimates with rent collection improving to pre-pandemic levels across most property sectors. Homebuilder earnings and housing data this morning underscored that the U.S. housing industry continues to be a source of economic strength.

Mortgage applications to purchase a single-family home rose again last week and are now higher by 24% from last year. Real Estate Daily Recap U.S. equity markets finished sharply lower Wednesday as rising coronavirus case-counts prompted several European countries to reimpose lockdowns while technology stocks plunged amid an ongoing censorship controversy. Now on the cusp of "correction territory," the S&P 500 ETF ( SPY ) declined by 3.5% today while the tech-heavy Nasdaq 100 ( QQQ ) finished lower by 3.7%.

The Dow Jones Industrial Average ( DIA ) declined by 943 points. Despite a solid slate of real estate earnings reports over the last 24 hours, the broad-based Equity REIT ETF ( VNQ ) declined by 2.4% today with all 18 property sectors finishing in negative territory while the Mortgage REIT ETF ( REM ) declined by 2.3%. All 11 GICS equity sectors finished lower on the day with Technology ( XLK ) and Energy ( XLE ) stocks dragging on the downside.

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