Real Estate Daily Recap: REITs End Higher As 10-Year Yield Dips to Lowest Since January 2018
The Hoya Capital US REIT Index climbed 0.4% on the day, led to the upside by the data center, net lease, and cell tower REIT sectors but dragged down by the student housing and single family rental REIT sectors. The S&P 500 finished down 0.4% on the day while the Nasdaq climbed by 0.4%. At 2.54%, the 10-Year Yield dipped 8 basis point on the day and ended at the lowest close since January 2018 after the Federal Reserve signaled a continued pause in it's path of monetary policy for 2019.
On the day, the Residential REIT and Home Improvement Retail sectors was the two Hoya Capital US Housing Index sectors to finish the day on the upside. Overstock (OSTK), Amazon (AMZN), Wayfair (W), Lennox (LII), and CubeSmart (CUBE) were the top-five finishers.
Technology and Brokerge and Mortgage Lenders were the weakest performing sectors. Zillow (Z), Trex (TREX), Huntington (HBAN), M&T Bank (MTB), and Regions Financial (RF) were the weakest performers on the day.
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