October Surprise | REITs Rebound | Jobs Report

October 2, 2020 | Hoya Capital

October Surprise | REITs Rebound | Jobs Report Daily Recap Oct 2 Written By Daily Recap U.S. equity markets dipped Friday after President Trump announced he tested positive for coronavirus but stocks rebounded from overnight lows after a solid employment report and hopes of a stimulus-compromise. Hanging on to gains of 1.6% on the week and snapping a four-week losing streak, the S&P 500 finished lower by 1.0% today while the tech-heavy Nasdaq 100 dipped 2.8%.

Ending the week with gains of nearly 5%, the broad-based Equity REIT ETF (VNQ) finished higher by 1.7% with all 18 property sectors in positive territory. The BLS reported that the U.S. economy added 661k jobs in September - slightly below economists' estimates for gains of 860k. Private payrolls, however, actually beat estimates with gains of 887k while the unemployment rate dipped below 8%. We'll have a full recap of the reasons behind the REIT rally and an analysis of this week's busy slate of economic data in our Real Estate Weekly Outlook report published Saturday morning.

Real Estate Daily Recap U.S. equity markets dipped Friday after President Trump announced he tested positive for coronavirus but stocks rebounded from overnight lows after a solid employment report and hopes of a stimulus compromise. Hanging on to gains of 1.6% on the week and snapping a four-week losing streak, the S&P 500 ETF ( SPY ) finished lower by 1.0% today while the tech-heavy Nasdaq 100 ( QQQ ) dipped 2.8% and the Dow Jones Industrial Average ( DIA ) declined 134 points.

Ending the week with gains of nearly 5%, real estate equities were again among the leaders today as the broad-based Equity REIT ETF ( VNQ ) finished higher by 1.7% with all 18 property sectors in positive territory. Mortgage REITs ( REM ) gained 1.5% to end the week with 4% gains. Interestingly, there were pockets of strength amid the increased uncertainty as ...