Tech Wreck | REITs Slide | Mortgage Apps Rise

September 23, 2020 | Hoya Capital

Tech Wreck | REITs Slide | Mortgage Apps Rise Daily Recap Sep 23 Written By Daily Recap U.S. equity markets dipped Wednesday, dragged down by a continuation of the tech-led sell-off while investor sentiment has soured amid renewed coronavirus concerns and the stalemate on stimulus negotiations. Following gains of 1.0% yesterday, the S&P 500 dipped 2.3% today while the tech-heavy Nasdaq 100 declined by 3.1%. The Dow Jones Industrial Average declined by 525 points.

Real estate equities had a rough day with the broad-based Equity REIT ETF (VNQ) finishing lower by 2.9% today with all 18 property sectors in negative territory. Equities entered the session in the green after Johnson & Johnson (JNJ) initiated Phase 3 clinical trials of its single-shot COVID-19 vaccine candidate, and after the House of Representatives passed a short-term spending bill to avert yet another pre-election showdown. Mortgage applications to purchase a single-family home rose yet again last week and are now higher by 25% from last year as the housing industry continues to lead the post-pandemic recovery.

Real Estate Daily Recap U.S. equity markets dipped Wednesday, dragged down by a continuation of the tech-led sell-off while investor sentiment has dimmed amid renewed coronavirus concerns and the stalemate on stimulus negotiations. Following gains of 1.0% yesterday, the S&P 500 ETF ( SPY ) dipped 2.3% today while the tech-heavy Nasdaq 100 ( QQQ ) declined by 3.1%. Real estate equities had a rough day with the broad-based Equity REIT ETF ( VNQ ) finishing lower by 2.9% today with all 18 property sectors in negative territory.

The Mortgage REIT ETF ( REM ) declined by 3.6% after gaining 0.5% yesterday. Equities entered the session in the green after Johnson & Johnson ( JNJ ) initiated Phase 3 clinical trials of its single-shot COVID-19 vaccine candidate, and after the House of Representatives passed a short-term spending bill to avert yet another pre-election showdown. Sentiment soured throughout the ...