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  • Alex Pettee, CFA

Real Estate Rally Continues [Daily Recap]

  • U.S. equity markets finished lower on Thursday as coronavirus-related fears crept back amid another busy day of corporate earnings and economic data.

  • The S&P 500 finished lower by 0.1% while the Dow Jones Industrial Average declined by 128 points, but both major averages remain firmly higher for the week.

  • The 10-Year Treasury Yield declined by 1 basis point as CPI inflation data came in roughly as-expected this morning. Reaccelerating rent inflation explained the mild uptick in Core CPI.

  • The broad-based commercial Real Estate ETF (VNQ) was among the leaders again today, gaining 0.6% led by the residential REIT sectors ahead of a jam-packed afternoon of earnings.

  • Redfin jumped nearly 20% after the tech-focused broker reported an 88% jump in revenue, powered by increased housing market activity in late 2019, leading the housing index to fresh record highs.

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