Tech Under Fire | REITs Rebound | European Lockdowns

October 15, 2020 | Hoya Capital

Tech Under Fire | REITs Rebound | European Lockdowns Daily Recap Oct 15 Written By Daily Recap U.S. equity markets finished mixed on Thursday as mega-cap technology stocks were dragged down by an escalating controversy over the censorship of a New York Post report critical of Joe Biden. Giving back its gains on the week, the S&P 500 finished lower by 0.1% today while the tech-heavy Nasdaq 100 dipped 0.7%.

Mid-cap and Small-cap stocks, however, gained 1% today. The broad-based Equity REIT ETF (VNQ) finished higher by 0.5% today with 12 of 18 property sectors in positive territory while the Mortgage REIT ETF (REM) gained 0.3% on the day. Equity markets recovered throughout the day after a rough session in Europe as the continent deals with a "second wave" of the coronavirus pandemic, sending several countries back into lockdowns. Homebuilders gained on data showing fresh record-lows on the average 30-Year Mortgage Rate.

Jobless claims data this morning painted a mixed picture, however, as Initial Claims ticked higher to nearly 900k, but Continuing Claims declined by more than a million. Real Estate Daily Recap U.S. equity markets finished mixed on Thursday as mega-cap technology stocks were dragged down by an escalating controversy over the censorship of a New York Post report critical of former Vice President Joe Biden. Giving back its gains on the week, the S&P 500 ETF ( SPY ) finished lower by 0.1% today while the tech-heavy Nasdaq 100 ( QQQ ) dipped 0.7%.

Outside of the tech sector, it was actually a decent day as Mid-Cap ( MDY ) and Small-Cap ( SLY ) stocks finished higher by roughly 1%. The broad-based Equity REIT ETF ( VNQ ) finished higher by 0.5% today with 12 of 18 property sectors in positive territory while the Mortgage REIT ETF ( REM ) gained 0.3% on the day. Equity markets recovered throughout the day after a rough session in Europe ...