Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Daily Recap: Another Day, Another Record

  • Done deal. US equity markets rallied to new record-highs after the U.S. and China signed Phase 1 of the long-awaited trade deal between the two largest economies.

  • The S&P 500 gained 0.2% and the Dow Jones climbed 0.4% while the 10-Year Treasury Yield finished lower by 3 basis points to close at 1.79%.

  • Yield-sensitive equity sectors led the way as the broad-based Real Estate ETF climbed by 0.9% with all fifteen sectors in the green, led by industrial, healthcare, and net lease REITs.

  • After muted CPI inflation data yesterday, PPI data was much expected this morning. Core PPI is higher by just 1.29% year-over-year, the coolest rate since early 2017.

  • Bottom Line: The 'Goldilocks' economic conditions of modest, domestic-led economic growth and muted inflationary pressures are ideal conditions for residential and commercial real estate outperformance.

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Hoya Capital Real Estate, LLC

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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