REITs Rebound | Homebuilders Surge | Dividends In Focus
Updated: Jun 16, 2020
Bouncing back from broad-based declines last week, U.S. equity markets rallied back from early-session declines on Monday after the Federal Reserve announced new bond-buying monetary stimulus measures.
Following a decline of 4.7% last week, the S&P 500 gained 0.8% on the day while the Dow Jones Industrial Average rallied 158 points and the Nasdaq jumped 1.4%.
After dipping 5.4% last week, the broad-based Equity REIT ETFs gained 1.4% today with 12 of 18 property sectors in positive territory while Mortgage REITs gained 0.6%.
It's dividend declaration season in the commercial REIT sector, and we may see another wave of dividend cuts or suspensions - or perhaps some dividend resumptions - over the next few weeks.
Homebuilders were among the leaders today, resuming their recent rebound ahead of a busy week of housing data. Lennar reported strong results this afternoon, supporting recent data suggesting a V-shaped housing recovery.