Tech Trouble | Rally Stalls | Home Sales Surge

July 24, 2020 | Hoya Capital

Tech Trouble | Rally Stalls | Home Sales Surge Uncategorized Jul 24 Written By Daily Recap U.S. equity markets finished lower for the second straight day, erasing their gains for the week, as escalating tensions with China and pandemic-related uncertainty outweighed strong housing data this morning. Following a decline of 1.2% yesterday, the S&P 500 finished lower by 0.7% while the Dow Jones Industrial Average slid another 182 points following yesterday's 353 point decline.

After declining by 0.4% yesterday, the Equity REIT ETF finished lower by 0.7% today with 15-of-18 property sectors in negative territory ahead of a busy slate of earnings next week. The U.S. housing industry continues to be the bright-spot of the economic recovery. New Home Sales topped estimates in June, jumping 13.8% from May and were higher by 6.9% from last year. We'll have a full analysis of this week's news and events - and a preview of next week's slate of REIT earnings in our Real Estate Weekly Outlook published tomorrow morning.

To read the full report, click here to visit Seeking Alpha! Comments (0) Newest First Oldest First Newest First Most Liked Least Liked Add Comment --> Preview Edit --> Post Comment… Previous Previous Weekly Outlook: Housing Is Red Hot Next Next Stocks Dip | Jobless Claims Rise | REITs Raise Guidance