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  • Alex Pettee, CFA

Daily Recap: Homebuilders Lead After Strong Home Sales

  • U.S. equity markets closed fractionally higher on Wednesday, bouncing back after a mild sell-off yesterday following the first reported case of the deadly coronavirus in the United States.

  • The S&P 500 gained 0.1% and the Dow Jones Industrial Average finished fractionally lower while the 10-Year Treasury Yield finished flat to end the day at 1.77%.

  • After a strong start to the week yesterday, the broad-based commercial Real Estate ETF (VNQ) declined by 0.6% with every property sector finishing lower besides single-family rentals and data centers.

  • Prologis (PLD) kicked off REIT earnings season on a relatively high note, boosting 2020 FFO and occupancy guidance and projecting another robust year for industrial real estate demand.

  • The streak of strong housing data continued with Existing Home Sales data on Wednesday morning. Existing Sales rose 10.8% year-over-year to a 5.54 million-unit rate, beating consensus estimates of 5.43M.

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