• Alex Pettee, CFA

Daily Recap: Real Estate Steady As Stocks Slide

  • Fears over the spread of the potentially deadly coronavirus sent U.S. equity markets tumbling on Monday with the major averages dropping by the most since October.

  • The S&P 500 fell by 1.5% and the Dow Jones Industrial Average dipped more than 400 points, each adding to last week's declines.

  • Oil prices again extended their losses, dipping another 2.5% and helping to pull the 10-Year Treasury Yield lower by another 7 basis points to end the day at 1.61%.

  • Real estate equities were a relative safe-haven on the day as the broad-based commercial Real Estate ETF declined by 0.5%. Mall REITs were hit hard, however, after results from Tanger.

  • Homebuilders were another bright spot after strong earnings results from DR Horton, which beat on EPS and revenue and boosted the upper end of its 2020 guidance.

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