Stocks Gain | Rent Collection Updates | Dividends In Focus
U.S. equity markets finished higher on Monday, adding to last week's gains as investors balanced data showing coronavirus deaths declining to the lowest level since March against concerns of a "second-wave."
Following gains of 1.5% last week, the S&P 500 gained by 0.6% on the day while the Dow Jones Industrial Average gained 154 points and the Nasdaq added 1.1%.
After declining by 2.1% last week, the broad-based Equity REIT ETFs finished marginally lower today with 10 of 18 property sectors in negative territory while Mortgage REITs declined by 0.7%.
Existing Home Sales dipped in May, reflecting the lack of sales activity during the worst of the coronavirus-related economic shutdowns from mid-March through late April, but higher-frequency data suggests a sharp rebound.
We're still in the heart of dividend declaration season in the commercial REIT sector and we may see a continuation of the "second wave" of cuts that we saw last week.