• Alex Pettee, CFA

REITs Retreat After Recent Rally [Daily Recap]

  • U.S. equity markets pulled back on Tuesday, pausing after a robust "reopening rally" over the past several weeks, as investors look for confirmation that the post-pandemic rebound has taken hold.

  • Following gains of 1.2% on Monday that had erased its 2020 declines, the S&P 500 pulled back by 0.8% while the Dow declined by 300 points, snapping a six-day winning streak.

  • Pulling back after yesterday's gains of 2.8%, the broad-based Equity REIT ETFs declined by 2.0% with 13 of 18 sectors in negative territory while Mortgage REITs dipped 5.2%.

  • After weeks of protests in major U.S. cities, investors are closely monitoring coronavirus data for signs that the mass gatherings spurred a "second wave" of the outbreak.

  • Nearly all indicators so far point to a continued waning of the pandemic as Sunday and Monday recorded the lowest two-day total of new daily cases and new daily deaths since late March.

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