REIT Spinoff | Sector Rotation | Vaccine Progress

November 20, 2020 | Hoya Capital

REIT Spinoff | Sector Rotation | Vaccine Progress Daily Recap Nov 20 Written By Summary U.S. equity markets finished lower Friday, ending a choppy week with modest declines as optimism about forthcoming coronavirus vaccines was offset by continued concerns over coronavirus-induced economic shutdowns. Ending the week lower by 0.8%, the S&P 500 declined by 0.7% today. Small-Cap and Mid-Cap stocks delivered another week of gains amid an ongoing post-vaccine "sector rotation" pattern.

Finishing the week with a decline of 1.0%, the broad-based Equity REIT ETF (VNQ) finished lower by 0.6% today with 12 of the 18 property sectors in negative territory. Today's modest declines came despite additional progress in the vaccine race as Pfizer (PFE) filed for emergency use authorization for their COVID-19 vaccine with FDA approval expected within weeks. Residential mortgage REIT New Residential (NRZ) surged after it filed to spinoff its mortgage origination unit.

We'll have a full analysis of this week's price action in our Real Estate Weekly Recap published tomorrow morning. Real Estate Daily Recap U.S. equity markets finished lower Friday, ending a choppy week with modest declines as optimism about forthcoming coronavirus vaccines was offset by continued concerns over coronavirus-induced economic shutdowns. Ending the week lower by 0.8%, the S&P 500 ETF ( SPY ) declined by 0.7% today while the Dow Jones Industrial Average ( DIA ) declined 220 points and the tech-heavy Nasdaq 100 ( QQQ ) fell 0.7% Finishing the week with a decline of 0.8%, the broad-based Equity REIT ETF ( VNQ ) finished lower by 0.6% today with 12 of the 18 property sectors in negative territory.

The Mortgage REIT ETF ( REM ) finished higher by 0.4% and ended the week with gains of 4%. Today's modest declines came despite additional progress in the vaccine race as Pfizer ( PFE ) filed for emergency use authorization for their COVID-19 vaccine with FDA approval expected within weeks. 10 of the ...