Stocks Stall | Earnings Begin | Housing Booms

October 19, 2020 | Hoya Capital

Stocks Stall | Earnings Begin | Housing Booms Daily Recap Oct 19 Written By Daily Recap U.S. equity markets finished sharply lower Monday ahead of a jam-packed week of economic data and corporate earnings reports as optimism faded for an agreement on the ever-elusive fiscal stimulus package. Following three straight weeks of gains, the S&P 500 finished lower by 1.6% while the tech-heavy Nasdaq 100 also declined 1.6% and the Dow Jones Industrial Average dipped 411-points.

Following a decline of 2.7% last week, the broad-based Equity REIT ETF (VNQ) finished lower by 1.6% today with 17 of 18 property sectors in negative territory. Real estate earnings season kicks-off this afternoon with reports from net lease REIT Agree Realty (ADC) and manufactured housing REIT Equity Lifestyle (ELS), which are two of the 31 REITs that have raised dividend in 2020. One of the few areas of consistent strength throughout the pandemic has been the U.S. housing market.

Homebuilder Sentiment jumped to record-highs in October as the housing industry shows few signs of cooling. We also saw some major M&A news in the single-family rental sector today. Real Estate Daily Recap U.S. equity markets finished sharply lower Monday ahead of a jam-packed week of economic data and corporate earnings reports as optimism faded for an agreement on the ever-elusive fiscal stimulus package. Coming off gains of 0.1% last week, the S&P 500 ETF ( SPY ) finished lower by 1.6% today while the tech-heavy Nasdaq 100 ( QQQ ) also declined 1.6% and the Dow Jones Industrial Average ( DIA ) dipped 411 points.

Following a decline of 2.7% last week, the broad-based Equity REIT ETF ( VNQ ) finished lower by 1.6% today with 17 of 18 property sectors in negative territory while the Mortgage REIT ETF ( REM ) dipped 1.7% on the day. Equity markets began the session firmly in the green but stumbled throughout the day with all ...