- 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.
