Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REITs Hit As Earnings Loom

  • U.S. equity markets finished flat this week as better-than-expected economic data and earnings results were offset by a continued fiscal stalemate and pressure on technology stocks amid a censorship controversy.

  • The S&P 500 managed to eke out a 0.1% gain this week. The Nasdaq 100 ended the week on a four-day skid as Twitter and Facebook face Congressional subpoenas.

  • Coming off its best two-week gain since April, a sharp sell-off among COVID-sensitive property sectors sent Equity REITs lower by 2.7% with 17 of 18 property sectors in negative territory.

  • Retail sales were far stronger than expected in September, gaining for the fifth month in a row and setting new record highs. Retail sales are now higher by 5.4% from last year, led by the e-commerce and home improvement categories.

  • While retail sales and housing data have exhibited continued strength, the employment recovery has shown signs of losing steam in recent weeks with Initial Jobless Claims coming in above estimates.

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