Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Real estate is outperforming the technology sector by 24 percentage points quarter-to-date, with the Real Estate Select Sector SPDR Fund (XLRE) reaching a two-year high. Since the S&P 500's mid-July peak, real estate has gained 10.5%, making it the top performer, while technology has declined by 9.5%. Despite technology being the only sector down less than 1% today, without it, the S&P 500 would have fallen closer to 2%. Additionally, 58% of large-cap real estate stocks are trading within 2% or less of their 52-week or longer highs. Notably, 10 of the 11 SPDR sectors are positive on the week.
A major bear narrative over the last 12 months has been the Real Estate was going to take everything lower. 58% of RE large caps (25/43) are trading within 2% or less of 52-week or longer highs. $XLRE https://t.co/yWHb5Jcmzg
The $SPX may have gained >1% today due to the strength of $XLK, but the number of sectors positive on the week fell to 8 from 10 yesterday. Only 4 are trading above last Friday's high (5 yesterday). 80% of members underperformed the index today: https://t.co/IREL4rGwT5
Tech is the only sector down less than 1% today, and without it the S&P 500 would be down closer to 2% than 1.5%. $XLK