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  • Alex Pettee, CFA

Daily Recap: Stocks Recover | Homebuilders Lead | REITs Flat

  • After snapping a six-week winning streak with modest declines last week, US equity markets resumed their rally on Monday, clawing back early-session losses to close solidly higher.

  • Shrugging off heightened geopolitical tensions after last week's airstrike on an Iranian general, the S&P 500 climbed by 0.4% while the Nasdaq ETF gained by 0.6%.

  • After a "risk-off" rally in bonds at the end of last week, Treasuries were weaker on the day with the 10-Year Treasury Yield finishing higher by 2 basis points to 1.81%.

  • Coming off solid outperformance last week, the broad-based Real Estate ETF finished fractionally higher with nine of the fifteen major real estate sectors finishing the day higher. Retail, healthcare, and office REITs led the way.

  • Led by strong gains from the single-family homebuilders, the Hoya Capital Housing Index climbed 0.4% on the day. Economic data this week is headlined by the BLS nonfarm payrolls report on Friday with economists expecting 160k in job growth.

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