5G Cooldown? • REIT Earnings • Rally Fades

July 20, 2023 | Hoya Capital

5G Cooldown? • REIT Earnings • Rally Fades Daily Recap Jul 20 Written By Alex Pettee, CFA U.S. equity markets slumped Thursday while benchmark interest rates jumped as investors weighed surprisingly strong employment data and sluggish earnings reports from several large-cap technology stocks. Retreating from its highest close since January 2022, the S&P 500 slipped 0.7% today, while the tech-heavy Nasdaq 100 dipped more than 2%.The Dow, however, posted a ninth-straight daily advance.

Real estate equities finished mostly lower today as the initial wave of earnings results from industrial and technology REITs has been modesty disappointing. The Equity REIT Index slipped 0.3%. Cell tower REIT Crown Castle (CCI) dipped 5% today after reporting soft second-quarter results and lowered its full-year adjusted FFO outlook citing a "significant" slowdown in carrier network spending. NYC-focused SL Green (SLG) dipped more 6% after its second-quarter results did little to alter the dire narrative enveloping coastal office properties.

Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets slumped Thursday while benchmark interest rates jumped as investors weighed surprisingly strong employment data and sluggish earnings reports from several large-cap technology stocks. Retreating from its highest close since January 2022, the S&P 500 slipped 0.7% today, while the tech-heavy Nasdaq 100 dipped over 2%. The Dow , however, managed to advance for a ninth-straight session. Real estate equities finished mostly lower today as the initial wave of earnings results from industrial and technology REITs has been modesty disappointing.

The Equity REIT Index slipped 0.3% today, but 11-of-18 property sectors finished in positive territory, while the Mortgage REIT Index declined 1.5%. The red-hot homebuilders slumped more than 4% despite a very strong report and upward guidance boost from DR Horton - the nation's largest builder - which reported a 37% year-over-year increase in net orders and far-exceeding EPS and revenue estimates. Cell Tower : Crown Castle ( CCI ) dipped 5% today after reporting soft ...