• Alex Pettee, CFA

REITs Rebound | Home Sales Surge | Simon Slashes Dividend

Daily Recap

  • U.S. equity markets finished decisively higher on Monday on data showing a continued rebound in the critical U.S. housing market despite lingering concerns over rising coronavirus case-counts in several regions.

  • Bouncing back from last week's 2.8% decline, the S&P 500 finished higher by 1.5% today while the Dow Jones Industrial Average jumped 580-points, driven by a sharp rebound by Boeing.

  • Following declines of 4.8% last week, broad-based Equity REIT ETFs gained 1.9% today with 15 of 18 property sectors in positive territory while the Mortgage REIT ETF jumped 2.5%.

  • Pending Home Sales surged a record-setting 44.3% in May compared with April as the U.S. housing sector remains the engine of the early post-lockdown economic recovery.

  • Mall REIT Simon Property trimmed its dividend by nearly 40%, becoming the 58th equity REIT to reduce or suspend its dividend. SPG's announcement came as a relief to some investors fearing an outright dividend suspension.

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