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  • Writer's pictureAlex Pettee, CFA

Daily Recap: Fed Holds | REITs Lower | Earnings Ramp-Up

  • U.S. equity markets were mixed on Wednesday, giving back early-session gains on a jam-packed day of economic data, corporate earnings, and the Federal Reserve interest rate decision.

  • The S&P 500 finished fractionally lower and the Dow Jones Industrial Average added 12 points. The 10-Year Treasury Yield slid another 5 basis points to close at 1.59%.

  • Despite the drop in yields, the broad-based commercial Real Estate ETF (VNQ) underperformed, declining by 0.4% on the day as earnings season begins to ramp-up.

  • Housing data has been mixed this week, snapping a streak of better-than-expected data. Pending Home Sales data missed estimates but was still higher by 5% year-over-year.

  • Demand for mortgages remains strong, however, as the 30-year fixed mortgage rate remains near historic lows. The MBA Purchase Index is higher by 17% from the same week last year.

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