REITs Gain | Retail Sales Cool | Housing Stays Hot

November 17, 2020 | Hoya Capital

REITs Gain | Retail Sales Cool | Housing Stays Hot Daily Recap Nov 17 Written By U.S. equity markets remained near record-highs on Tuesday following a busy slate of economic data and retail earnings that suggested that the U.S. consumer remains resilient despite heightened coronavirus concerns. Following gains of 1.2% yesterday, the S&P 500 finished lower by 0.5% today while the Dow Jones Industrial Average retreated 167-points following yesterday's 471-point rally.

Mid-Cap stocks set new all-time-records. It was a mixed day for real estate equities as the Equity REIT ETF (VNQ) finished higher by 0.1% with 10 of the 18 property sectors in positive territory. Housing Stays Red-Hot. The Homebuilder Sentiment Index - a leading indicator of housing activity - climbed to fresh all-time record highs in November with all three subcomponents exceeding prior highs. Retail sales rose at a slower-than-expected rate in October, but still set fresh all-time highs.

Home improvement spending continues to be a source of strength, confirmed by stellar earnings results from Home Depot this morning. Real Estate Daily Recap U.S. equity markets remained near record-highs on Tuesday following a busy slate of economic data and retail earnings that suggested that the U.S. consumer remains resilient despite heightened coronavirus concerns. Following gains of 1.2% yesterday, the S&P 500 ETF ( SPY ) finished lower by 0.5% today while the Dow Jones Industrial Average ( DIA ) retreated 167-points following yesterday's 471-point rally.

It was a mixed day for real estate equities as the broad-based Equity REIT ETF ( VNQ ) finished higher by 0.1% with 10 of the 18 property sectors in positive territory. The Mortgage REIT ETF ( REM ) finished higher by 0.6% after jumping 3.4% on Monday. The "sector rotation" theme continued Tuesday following the release of positive trial results from Moderna's ( MRNA ) COVID-19 vaccine candidate on Monday morning.

While the large-cap indexes retreated from yesterday's all-time highs, the Mid-Cap ETF ...