Alex Pettee, CFA
Daily Recap: Real Estate Lead Markets To New Highs
Following solid gains last week, US equity markets climbed to fresh records on indications that the U.S. and China are nearing the official signing of the "Phase 1" trade deal.
The S&P 500 gained 0.7% and the Nasdaq climbed 1.1% while the 10-Year Treasury Yield finished higher by 2 basis points to close at 1.85%.
Leading the charge today was the real estate sector as the broad-based commercial Real Estate ETF gained 1.0%, led by strong gains from the manufactured housing, industrial, and timber REIT sectors.
Led by a strong day by the trade-sensitive home furnishings and home building products and materials sectors, the Hoya Capital Housing Index gained roughly 1.0% on the day following gains of 0.6% last week.
On the commercial REIT side, the big story in the REIT sector continues to be on Tanger Factory Outlets (SKT) and the impact of the potential index reconstitution later this month of the massive SPDR S&P Dividend ETF (SDY), which owns a whopping 22% of Tanger's outstanding shares.