Tuesday, November 10, 2026
On Tap Today
Borrow to build: Voters approved housing bonds in three states while rejecting zoning and environmental reform.
Shared space showdown: The lender that took over a Chicago hotel sues to stop an office-to-residential conversion upstairs.
Bay Area believers: A Florida firm just paid up for SF office space and wants more.
Office webinar: Join us Nov. 12 for a look at how owners are repositioning office portfolios heading into 2027. Register
| Daily Market Snapshot | ||
|---|---|---|
| S&P 500 | 7,549.94 | +173.08 (+2.35%) |
| FTSE Nareit All Equity REITs | 854.21 | +12.92 (+1.54%) |
| 10-Year Treasury | 4.88% | +2 bp |
| SOFR | 3.89% | −3 bp |
| Data as of market close November 9, 2026. SOFR reflects the November 6 trade date. | ||
| The S&P 500 jumped 2.35 percent to 7,549.94 on Monday, its best day since April 8, as falling oil prices and a rebound in tech and industrial stocks clawed back much of last week's post-election selloff, even with Nvidia down more than 4 percent. All 11 sectors rose and the Dow added 1,104 points, though the S&P 500 still sits slightly below its Election Day close. The 10-year Treasury yield rose 2 basis points to 4.88 percent ahead of Tuesday's October CPI report, as Friday's hot payroll number kept December rate hike odds elevated and fixed-rate take-out and refi pricing under pressure. The FTSE Nareit All Equity REITs index climbed 1.54 percent to 854.21, recovering most of its Thursday and Friday losses, with data centers up 3.9 percent, lodging and industrial up more than 2.5 percent, and office REITs gaining 2 percent. SOFR slipped 3 basis points to 3.89 percent on the November 6 trade date, its lowest print since October 21, trimming floating-rate carry on bridge and construction loans. |
Editor’s Pick
Voters across the country sent a clear message about housing affordability last week: they’re willing to spend billions to address the crisis, but they’re far less enthusiastic about changing the rules that make housing expensive to build. Every housing bond measure on the ballot passed, while both proposals to ease development restrictions failed. The results reveal a fundamental contradiction in how Americans want to solve the housing shortage.
California led the spending spree, approving billions in new housing bonds, while Rhode Island, Hawaii, and the city of Raleigh also backed housing investments. But California voters rejected a measure to scale back environmental review for housing, and Massachusetts voters turned down looser minimum lot-size rules. The distinction matters because financing more affordable housing does little to address the regulations that constrain supply in the first place.
There’s also a growing financial cost to the approach voters prefer. Municipal borrowing has surged to record levels, just as rising bond yields make financing more expensive. Governments are committing taxpayers to decades of debt payments while leaving many of the barriers to new construction intact. The election raises an uncomfortable question: Can America spend its way out of a housing shortage it remains unwilling to build its way out of?
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