S&P hits another record, but real estate stocks don’t follow suit

Nareit’s All REIT index fell on Monday less than 1%

TRD NATIONAL /
Oct.October 29, 2019 08:00 AM
(Credit: iStock)

(Credit: iStock)

The S&P 500 rallied to a record high on Monday — though real estate stocks didn’t exactly join the party.

Nareit’s All REITs index, a measure of real estate investment trusts, was down 0.53 percent. Equity REITs fell 0.6 percent, though mortgage REITs rose 0.38 percent. And the Real Estate Select Sector Index fell by 2 points by the end of the day.

Out of a mix of 28 real estate stocks tracked by The Real Deal, 15 posted gains and one stayed flat. The top performer was RE/MAX, whose stock was up almost 3 percent. The weakest was Lennar Corporation, which reported third-quarter net earnings of $513.4 million, up from $453.2 million year over year. Its stock was down almost 2.5 percent Monday.

The S&P 500 closed Monday at just over 3,039, up almost 17 points from Friday, buoyed in part by trade optimism, the prospect of another benchmark interest rate cut from the Federal Reserve this week and positive earnings calls. The index’s previous record was from late July.

“Of the S&P 500 companies that have reported over the last month, just 32 mention recession on their calls,” Sentieo’s Nick Mazing told CNBC.

Last month, the Federal Reserve slashed interest rates by 25 basis points, often widely viewed as a boost to real estate investors and a move that industry watchers anticipate will happen again when the central bank’s Federal Open Market Committee meets this week.


Related Articles

arrow_forward_ios
Real estate stocks tick up — even as the House begins impeachment inquiry (Credit: Getty Images, iStock)

A rally for real estate stocks amid a tumultuous week for Trump

Federal Reserve Chairman Jerome Powell (Credit: Getty Images)

Real estate stocks dip slightly amid Fed Rate cut, housing starts data

From left: Boston Properties CEO Owen Thomas, Alexandria Real Estate Equities CEO Joel Marcus, and Equity International founder Sam Zell (Credit: Getty Images and iStock)

Real estate firms get (green) thumbs down as they jump into climate bonds

The stock market was up overall last week, and so were some real estate stocks. (Credit: iStock)

With Fed rate cut on the mind, markets enter the week riding high

CrowdStreet CEO Tore Steen and vice president Darren Powderly (Credit: CrowdStreet and iStock)

Crowdfunding platform launches $20M Opportunity Zone fund

Real estate isn’t doing as well as the broader market (Credit: iStock)

Real estate stocks continue to rally this week, but trail the S&P

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

With growing fears of a recession, real estate stocks continue to hold their own. (Credit: iStock)

All of the stocks are tumbling — except real estate

arrow_forward_ios