REIT Earnings Begin • Logistics Boom • Mortgage Tech

April 19, 2021 | Hoya Capital

REIT Earnings Begin • Logistics Boom • Mortgage Tech Daily Recap Apr 19 Written By Summary U.S. equity markets retreated from record-highs Monday - dragged down by pressure on large-cap technology stocks - ahead of a jam-packed week of corporate earnings reports and economic data. Coming off gains of 1.4% last week, the S&P 500 finished lower by 0.5% today while the Mid-Cap 400 declined 0.5% and the Small-Cap 600 dipped 1.2%.

Real estate equities were the leaders today as REIT earnings season kicked off. The broad-based Equity REIT Index finished higher by 0.2% today with 11-of-19 property sectors in positive territory. Prologis (PLD) kicked off REIT earnings season this morning with another impressive "beat and raise" quarter. The logistics giant boosted its 2021 guidance across all metrics. Mortgage REIT Redwood Trust (RWT) announced today that it has invested in Liquid Mortgage, a startup that uses blockchain technology to make the mortgage ecosystem more efficient.

Real Estate Daily Recap U.S. equity markets retreated from record-highs Monday - dragged down by pressure on large-cap technology stocks - ahead of a jam-packed week of corporate earnings reports and economic data. Coming off gains of 1.4% last week, the S&P 500 ETF ( SPY ) finished lower by 0.5% today while the Mid-Cap 400 ( MDY ) declined 0.5% and the Small-Cap 600 ( SLY ) dipped 1.2%.

Real estate equities were the leaders today as REIT earnings season kicked. The broad-based Equity REIT ETFs ( VNQ ) finished higher by 0.2% today with 11-of-19 property sectors in positive territory while the Mortgage REIT ETFs ( REM ) declined by 1.4%. As discussed in our Real Estate Weekly Outlook , U.S. equity markets are coming off a "Goldilocks" week as long-term interest rates pulled back despite a stellar slate of economic data and corporate earnings reports.

Nine of the eleven GICS equity sectors finished lower on the day, dragged to the downside by ...