Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

Apartment REITs
Data Center REITs
Mall REITs
Net Lease REITs
Hotel REITs
Single Family Rental REITs
Mobile Home REITs
Housing100logo.png
ETF express.png
  • Alex Pettee, CFA

Daily Recap: Stocks Lower | Weak Manufacturing | Strong Income Growth

After closing at record-highs yesterday following the Fed's third rate cut of 2019, the S&P 500 ETF (SPY) declined by 0.3% on the day as investors digested a flurry of mixed economic data, earnings reports, and trade commentary. The 10-Year Treasury Yield (IEF) ticked lower by 10 basis points on the day, closing at 1.69%, as PCE inflation data come in cooler-than-expected and Chicago PMI slid to nearly four-year lows.

 

Personal income and spending data, however, came in better-than-expected with real personal incomes rising 3.5% year-over-year, matching the strongest rate since August 2018. Despite the decline in yields, real estate equities were mixed on the day as the broad-based REIT ETF (VNQ) ended the day lower by 0.1%, led to the upside by the manufactured housing, single-family rental, and storage REIT sectors while the timber, shopping center, and data center sectors lagged. 

The Hoya Capital Housing Index, the benchmark that tracks the performance of the US housing industry, finished the day lower by 0.5% as modest strength from the residential REIT and real estate insurance sector was offset by weakness in the homebuilding and home furnishings sector. The 58% surge in new home orders wasn't enough for high-flying homebuilder MDC Holdings (MDC), which traded off by more than 11% on the day.


Apartment REIT Mid-America (MAA) and mattress manufacturer Tempur Sealy (TPX) were among the stronger-performers on the day after strong earnings reports yesterday afternoon and this morning, respectively. Toll Brothers(TOL), RE/Max (RMAX), Camden (CPT), and AIMCO (AIV) all reported earnings this afternoon after the bell. 

As discussed in our Weekly Outlook, the "data dump" of economic data concludes tomorrow with a look at October's nonfarm payrolls report, as well as construction spending data.


  • Facebook Social Icon
  • Twitter Social Icon
  • LinkedIn Social Icon

Hoya Capital Real Estate, LLC

Invest@HoyaCapital.com

(833) HOYA-CAP

Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

Privacy Policy 

 Client Relationship Summary 

Hoya Capital's ADV Part 2

Important Disclosures, Definitions, & List of Holdings 

Seeking-Alpha-Logo.png

The Easy Way To Invest In Real Estate