Veto Threat • Dividend Resumption • REIT Acquisitions

December 23, 2020 | Hoya Capital

Veto Threat • Dividend Resumption • REIT Acquisitions Daily Recap Dec 23 Written By Summary U.S. equity markets drifted higher Wednesday as vaccine-driven optimism offset lukewarm economic data and concerns over a potential Presidential veto of the long-awaited coronavirus stimulus bill. Snapping a three-day losing streak, the S&P 500 finished higher by 0.1% today but the tech-heavy Nasdaq 100 finished off by 0.5%. The Dow Jones Industrial Average gained 114 points.

After leading the way yesterday, real estate equities were among the laggards today as the broad-based Equity REIT ETF finished lower by 0.7% with 13 of 18 property sectors in positive-territory. New Home Sales data came-in shy of estimates driven by a mounting inventory shortage while mortgage application data suggested that the recent record-setting demand for housing is set to continue into early 2021. Mortgage REIT AG Mortgage Investment (MITT) was among the leaders today after it reinstated its dividend.

There are now just three mREITs that still have their common share dividends suspended. 32 of the 41 mREITs will have paid lower dividends in 2020 than in the prior year. Real Estate Daily Recap U.S. equity markets drifted higher Wednesday as vaccine-driven optimism offset lukewarm economic data and concerns over a potential Presidential veto of the long-awaited coronavirus stimulus bill. Snapping a three-day losing streak, the S&P 500 ETF ( SPY ) finished higher by 0.1% today but the tech-heavy Nasdaq 100 ( QQQ ) finished off by 0.5%.

The Dow Jones Industrial Average ( DIA ) gained 114 points. After leading the way yesterday, real estate equities were among the laggards today as the broad-based Equity REIT ETF ( VNQ ) finished lower by 0.7% with 13 of 18 property sectors in negative territory. The Mortgage REIT ETF ( REM ), however, jumped 2.3% on the day. The "reopening trade" continued today as Mid-Caps ( MDY ) gained 0.9% while Small-Caps ( SLY ) were higher by ...