Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Good News Is Bad News, Again?

Daily Recap

  • U.S. equity markets finished mostly lower Thursday after better-than-expected Initial Jobless Claims data has also thrown a political curveball into the now-stalled negotiations for the next round of fiscal stimulus.

  • Still higher by 0.7% for the week, the S&P 500 finished lower by 0.2% today while the Dow Jones Industrial Average dipped 80 points following yesterday's 290 point-rally.

  • Pushing their declines to roughly 2% on the week, the Equity REIT ETF (VNQ) finished lower by 1.2% today with all 18 property sectors finishing in negative territory.

  • Initial Jobless Claims declined to 0.96 million last week, which was the lowest level since the onset of economic lockdowns in March. Continuing Jobless Claims, meanwhile, declined to 15.48 and have retreated by 9.4 million since their peak in May.

  • The Citi Economic Surprise Index has remained near record-highs while FactSet's Earnings Insight shows that 83% of S&P 500 companies reported a positive EPS surprise, which is the highest "beat percentage" ever.

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Hoya Capital Real Estate, LLC

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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.

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