REITs, Homebuilders Lead Surge On Vaccine Data [Daily Recap]

May 18, 2020 | Hoya Capital

REITs, Homebuilders Lead Surge On Vaccine Data [Daily Recap] Uncategorized May 18 Written By U.S. equity markets surged on Monday following news of positive clinical trial results from Moderna on a potential coronavirus vaccine while more U.S. states commence the reopening process. Following declines of more than 2% last week, the S&P 500 rallied 3.2% while the Dow Jones Industrial Average surged 912 points, the 11th largest point-gain of all-time.

After dipping nearly 9% last week amid reopening resistance, real estate equities recovered more-than-half of last week's declines in a single-session as REIT earnings season wraps up this week. The broad-based Equity REIT ETFs surged by 6.4% on the day with all 18 REIT sectors in positive territory for the day Mortgage REITs gained 7.1%, recovering most of last week's losses. Homebuilders surged more than 12% after better-than-expected Homebuilder Sentiment data and an update from Meritage Homes that it expects demand in May to be similar to last year amid early signs of a "V-shaped" recovery in the housing markets.

Real Estate Daily Recap U.S. equity markets surged on Monday following news of positive clinical trial results from Moderna ( MRNA ) on a potential coronavirus vaccine while more U.S. states commence the perhaps overdue reopening process. Following declines of more than 2% last week, the S&P 500 ETF ( SPY ) rallied 3.2% while the Dow Jones Industrial Average ( DIA ) surged 912 points on the 11th largest point gain for the Dow of all-time.

After dipping nearly 9% last week amid reopening resistance , real estate equities recovered more than half of last week's declines in a single-session as REIT earnings season wraps up this week. The broad-based Equity REIT ETFs surged by 6.4% on the day with all 18 REIT sectors in positive territory for the day Mortgage REITs gained 7.1%, recovering most of last week's losses. Click here to read the full report on Seeking ...