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  • 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.

To read the full report, click here to visit Seeking Alpha!

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