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  • Alex Pettee, CFA

REITs Rally | Housing Heats-Up | Earnings On Tap

Daily Recap

  • U.S. equity markets finished higher for the fourth-straight on Wednesday as a strong slate of housing data and corporate earnings reports offset continued concerns over the coronavirus pandemic.

  • Following gains of 0.2% yesterday, the S&P 500 finished higher by 0.6% today. REITs led the gains today with 17 of 18 property sectors in positive territory as earnings heat-up.

  • Homebuilders surged more than 5% today as the housing industry continues to lead the economic recovery. Homebuilder NVR jumped 10% after reported an unexpectedly strong rise in net orders.

  • Existing Home Sales surged nearly 21% in June compared with May, according to the National Association of Realtors, which was the largest monthly gain on record.

  • The strong trends look poised to continue as mortgage applications to purchase a home rose again last week and are now higher by 19% from the same time last year.

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