Mall Earnings | Rates Up, REITs Down | Airbnb IPO?
U.S. equity markets snapped a seven-day winning streak amid a continued stimulus stalemate as the focus swings to Presidential politics after presumptive Democratic nominee Joe Biden selected his running mate.
Following gains of 0.3% yesterday, the S&P 500 finished lower by 0.8% while the Dow Jones Industrial Average dipped 104 points following yesterday's 360 point-rally.
After gaining 0.2% last week, the Equity REIT ETF (VNQ) finished lower by 1.4% today with 11 of 18 property sectors in negative territory as earnings season wrapped-up this morning.
Mall REITs were among the leaders today after a flurry of earnings over the last 24 hours. Mall REITs reported improving rent collection metrics in the back-half of Q2.
Hotel REITs were in focus following reports from the Wall Street Journal that the "home-sharing" firm is close to filing for an IPO in August.