• Alex Pettee, CFA

REITs Rally | Earnings Recap | Hotel M&A?

Daily Recap

  • U.S. equity markets fished higher Tuesday on another frenetic day of corporate earnings results as investors continue to await the final details of the stimulus package and employment data later this week.

  • Following a gain of 0.7% yesterday, the S&P 500 gained 0.4% today while the Dow Jones Industrial Average gained 165 points following and the Nasdaq closed at fresh record-highs.

  • Reversing yesterday's losses ahead of the busiest 72-hours of earnings season, the Equity REIT ETF finished higher by 1.4% today with 16 of 18 property sectors in positive territory.

  • Hotel REITs jumped today after reports of private equity acquisition interest. Several hotel REITs reported results over the last 24 hours including Sunstone and Ryman.

  • REIT earnings results continue to trend ahead of expectations. Highlights of this afternoon's slate include HealthPeak, ExtraSpace Storage, Monmouth Industrial, and PS Business Parks.

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