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  • Alex Pettee, CFA

Stocks Mixed | REITs Decline | Another Dividend Cut

Daily Recap

  • U.S. equity markets finished roughly flat on Thursday as signs of modest improvement in the labor market were offset by worries over an uptick in coronavirus cases in several regions.

  • Following a decline of 0.4% yesterday, the S&P 500 finished flat on the day while the Dow Jones Industrial Average finished lower by 40 points following yesterday's 170 point decline.

  • Adding to yesterday's declines of 1.5%, the broad-based Equity REIT ETFs declined another 1.1% today with 17 of 18 property sectors in negative territory.

  • Jobless Claims data showed that fewer Americans filed for initial unemployment benefits last week, but continuing jobless claims haven't retreated as quickly as some expected.

  • Shopping Center REIT Kite Realty, which collected more rent in April and May than the majority of the shopping center REIT sector, become the 58th equity REIT to cut their dividend since the beginning of the pandemic.