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  • Alex Pettee, CFA

Builders Lead Rally | Force Majeure | Home Sales Surge

Daily Recap

  • U.S. equity markets continued their rally on Tuesday as signs of recovering global economic data overcame renewed worries over China-U.S. trade tensions and continued coronavirus concerns.

  • Adding to Monday's gains of 0.6%, the S&P 500 gained by 0.5% on the day while the Nasdaq climbed to new record-highs with gains nearly 1% powered by technology stocks.

  • Following declines of 0.1% yesterday, the broad-based Equity REIT ETFs finished lower by 0.4% today with 12 of 18 property sectors in negative territory while Mortgage REITs gained 2.2%.

  • The trend of stronger-than-expected economic data over the last several weeks - particularly in the critical U.S. housing sector - continued today. PMI data in the U.S. and Europe both showed a sharp rebound.

  • Mall REITs were among the leaders today despite the ongoing Simon/Taubman merger saga and an increased focus on "Force Majeure" provisions which may absolve some retail tenants of paying missed rents.

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