• Alex Pettee, CFA

No Deal? | Big-Tech Rally | REIT Earnings Recap

Daily Recap

  • U.S. equity markets finished higher Friday following a slate of strong earnings reports from mega-cap technology companies despite concerns over the failure to reach a deal on the stimulus package.

  • Ending the week with gains of roughly 1.7%, the S&P 500 gained 0.8% on Friday while the Dow Jones Industrial Average gained 114 points following yesterday's 226 point-decline.

  • The second-best-performing GICS sector on the week with gains of 4%, the Equity REIT ETF finished lower by 0.2% today with 10 of 18 sectors in negative territory.

  • REIT earnings season is approaching the half-way mark. Results thus far have been better-than-expected with just one REIT - Vornado - announcing a dividend reduction thus far.

  • Three more equity REITs reported results today - net lease REITs WP Carey and Sprit Realty and timber REIT Weyerhaeuser. We discuss earnings results from equity and mortgage REITs over the last 24 hours.

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