Retail Surprise | REITs Lag | Vaccine Hope

October 16, 2020 | Hoya Capital

Retail Surprise | REITs Lag | Vaccine Hope Daily Recap Oct 16 Written By Daily Recap U.S. equity markets finished mostly lower Friday despite better-than-expected retail sales data this morning, which was offset by continued pressure on technology stocks amid a deepening censorship controversy. Ending the week higher by 0.1%, the S&P 500 finished fractionally higher on the day while the tech-heavy Nasdaq 100 dipped 0.6% and the Dow Jones Industrial Average gained 112 points.

Finishing the week off by nearly 3%, the broad-based Equity REIT ETF (VNQ) finished lower by 0.7% today with 16 of 18 property sectors in negative territory. Mortgage REIT dipped 0.9%. Retail sales were much stronger-than-expected in September, gaining for the fifth month in a row and setting new record-highs. Led by e-commerce and home improvement sales, total retail sales gained 1.9% from last month and 5.4% from the same month last year.

Investors also got a dose of positive vaccine news this morning as Pfizer (PFE) said it could be ready to apply for emergency-use authorization (EUA) of its COVID-19 vaccine by late November. Real Estate Daily Recap U.S. equity markets finished mostly lower Friday despite better-than-expected retail sales data this morning, which was offset by continued pressure on technology stocks amid a deepening censorship controversy . Ending the week higher by 0.1%, the S&P 500 ETF ( SPY ) finished fractionally higher on the day while the tech-heavy Nasdaq 100 ( QQQ ) dipped 0.6% and the Dow Jones Industrial Average ( DIA ) gained 112 points.

REITs were under pressure this week ahead of the start of earnings season next Tuesday. Finishing the week off by nearly 3%, the broad-based Equity REIT ETF ( VNQ ) finished lower by 0.7% today with 16 of 18 property sectors in negative territory while the Mortgage REIT ETF ( REM ) dipped 0.9% on the day. Investors also got a dose of positive vaccine news ...