Tech Wreck | REITs Stable | Robinhood Shakeout

September 3, 2020 | Hoya Capital

Tech Wreck | REITs Stable | Robinhood Shakeout Daily Recap Sep 3 Written By Daily Recap U.S. equity markets plunged Thursday amid a sharp sell-off in the high-flying technology names despite encouraging jobless claims data showing signs of continued healing in the U.S labor markets.After hitting fresh record-highs yesterday, the S&P 500 finished lower by 3.4% today while the Dow Jones Industrial Average dipped 808 points following yesterday's 455 point rally.Real estate was the relative safe-haven today amid the broader sell-off as Equity REITs finished lower by just 1.3% today with 8 of 18 property sectors finishing in positive territory.Today's sell-off had a different - and perhaps oddly encouraging - feel to it compared to the sharp declines seen in March and April.

Described as a "Robinhood shakeout," the high-flying speculative names were among the hardest-hit today.Today's gains came despite generally positive employment data with Initial and Continuing Jobless claims each declining from last week. Since the peak in early May at around 25 million, Continuing Claims have retreated by 11.6 million. Our Real Estate Daily Recap discusses the notable news and events in the real estate sector over the last trading day and highlights sector-by-sector performance.

We publish this note every afternoon at HoyaCapital.com and occasionally on Seeking Alpha to cover significant news and events. Subscribe to our free mailing list to make sure you never miss the latest developments in the commercial and residential real estate sectors. You can also follow our real-time commentary on Twitter and LinkedIn . U.S. equity markets plunged Thursday amid a sharp sell-off in the high-flying technology names despite encouraging jobless claims data showing signs of continued healing in the U.S labor markets.

After hitting fresh record-highs yesterday, the S&P 500 ETF ( SPY ) finished lower by 3.4% today while the Dow Jones Industrial Average ( DJI ) dipped 808 points following yesterday's 455 point rally. Real estate was the relative safe-haven ...