• Alex Pettee, CFA

Casino, Student Housing REITs Lead On Reopening Plans [Daily Recap]

  • U.S. equity markets slipped on Tuesday following yesterday's strong gains as investors monitor the pace of the economic rebound in areas that have lifted lockdowns.

  • Following yesterday's 3.2% rally, the S&P 500 retreated by 1.1% while the Dow Jones Industrial Average dipped 390 points following yesterday's 912 point surge.

  • After surging 6.4% yesterday, the broad-based Equity REIT ETFs declined by 1.3% with 7 of the 18 REIT sectors in positive territory while Mortgage REITs finished higher by 0.1%.

  • Homebuilders finished in the green today despite Housing Starts data this morning that showed a sharp pullback in construction activity in April, but higher-frequency data foreshadows a strong recovery.

  • Casino REITs led the gains today as several resorts announced reopening plans. Student Housing REITs also gained as more universities announced plans to have on-campus classes this Fall.

Real Estate Daily Recap

U.S. equity markets slipped on Tuesday following yesterday's strong gains as media outlets attempted to pour cold water on promising coronavirus vaccine data released by Moderna (MRNA) while investors continue to monitor the pace of the economic rebound in areas that have begun to lift lockdowns. Following yesterday's 3.2% rally, theS&P 500 ETF (SPY) retreated by 1.1% while theDow Jones Industrial Average (DIA) dipped 390 points following yesterday's 912 point surge. After surging 6.4% yesterday, the broad-based Equity REIT ETFs declined by 1.3% with 7 of the 18 REIT sectors in positive territory led by the hotel and student housing REITs while Mortgage REITs finished higher by 0.1% following gains of 7.1% yesterday. 

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