Short Squeeze • REIT Earnings Begin • Busy Week Ahead

January 25, 2021 | Hoya Capital

Short Squeeze • REIT Earnings Begin • Busy Week Ahead Daily Recap Jan 25 Written By Summary U.S. equity markets were mixed Monday on a choppy day of trading ahead of the busiest week of corporate earnings and a jam-packed slate of economic data and Fed commentary. Adding to last week's gains of 1.9%, the S&P 500 finished higher by 0.4% today and the tech-heavy Nasdaq 100 jumped 0.9% while the Dow Jones Industrial Average declined 37-points.

Real estate equities were among the leaders today led by the most heavily-shorted retail REITs as the broad-based Equity REIT ETFs gained 0.7% with 13-of-19 property sectors in positive territory. Troubled mall REITs Macerich (MAC), Pennsylvania REIT (PEI), and Washington Prime (WPG) surged today on the short-squeeze phenomenon sweeping the broader equity market. 5 REITs have gained over 35% so far in early 2021. Manufactured Housing REIT Equity Lifestyle (ELS) and residential mortgage REIT AGNC Investments (AGNC) kicked-off real estate earnings season this afternoon.

We'll have a full preview of earnings season in a report this evening. Real Estate Daily Recap U.S. equity markets were mixed Monday on a choppy day of trading ahead of the busiest week of corporate earnings and a jam-packed slate of economic data and commentary from the Federal Reserve. Adding to last week's gains of 1.9%, the S&P 500 ETF ( SPY ) finished higher by 0.4% today and the tech-heavy Nasdaq 100 ( QQQ ) jumped 0.9% while the Dow Jones Industrial Average ( DIA ) gave back 37-points.

Real estate equities were among the leaders today led by the most heavily-shorted retail REITs as the broad-based Equity REIT ETF ( VNQ ) gained 0.7% with 13 of 19 property sectors in positive territory while Mortgage REITs ( REM ) gained 0.1%. As discussed in our Real Estate Weekly Outlook , equity markets entered the week near record-high territory as recent data has indicated that the pandemic ...