Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Rally Continues Ahead Of Jobs Day [Daily Recap]

  • The rally continued for U.S. equity markets, which climbed for the forth-straight day as fears over the coronavirus outbreak subside ahead of the closely-watched nonfarm payrolls report on Friday.

  • The S&P 500 finished higher by 0.3%, closing at new record highs for the second-straight day, while the Dow Jones Industrial Average added another 88 points after consecutive 400-point gains.

  • The broad-based commercial Real Estate ETF (VNQ) outperformed on a busy day of REIT earnings, gaining 0.4%, led by the manufactured housing, net lease, and storage REIT sectors.

  • Mall REIT Macerich was among today's gainers after reporting less-dire-than-expected results while data center REIT CoreSite was a laggard as 2020 guidance fell short of expectations.

  • Employment data has been quite strong so far this week, but all eyes will be on tomorrow's nonfarm payrolls report. Economists are expecting roughly 160k jobs added with a 3.0% rise in average hourly earnings.

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