Sell-Off Drags On Despite Strong Home Sales [Daily Recap]

February 26, 2020 | Hoya Capital

Sell-Off Drags On Despite Strong Home Sales [Daily Recap] Uncategorized Feb 26 Written By U.S. equity markets were unable to hold onto early-session gains on Wednesday as coronavirus-related concerns resulted in a fifth straight day of losses. Following consecutive 3% declines, the S&P 500 finished lower by 0.4% while the Dow Jones Industrial Average dipped by 120 points, bringing the weekly point losses to over 2,000 points. The 10-Year Treasury Yield declined 2 basis points to end at 1.31%, another historic closing low as investors increasingly expect at least two Fed rate cuts by year-end.

After outperforming for the first two days of the week, the broad-based commercial Real Estate ETF (VNQ) finished lower by 1.1%. Strong gains from the self-storage and prison REIT sectors were offset by weakness from retail REITs. New Home Sales blew past estimates in January, jumping 7.9% from last month to a 764k annualized rate, the best monthly rate since July 2007. Sales are higher by 18.5% from last year.

Real Estate Daily Recap U.S. equity markets were unable to hold onto early-session gains on Wednesday as coronavirus-related concerns resulted in a fifth straight day of losses. Following consecutive 3% declines, the S&P 500 ETF ( SPY ) finished lower by another 0.4% on the day while the Dow Jones Industrial Average ( DIA ) dipped by another 120 points, bringing the weekly point losses to more than 2,000 points.

The 10-Year Treasury Yield ( IEF ) declined 2 basis points to end at 1.31%, another historic closing low. After outperforming for the first two days of the week, the broad-based commercial Real Estate ETF ( VNQ ) finished lower by 1.1%, led to the upside by strong gains in the self-storage and prison REIT sectors, but dragged down by retail REITs. New Home Sales blew past estimates in January to the best monthly rate since July 2007 as the housing industry continues to be ...