CPI Ahead • Blackstone Buys Billboards • REIT Dividend Hike

June 12, 2023 | Hoya Capital

CPI Ahead • Blackstone Buys Billboards • REIT Dividend Hike Daily Recap Jun 12 Written By Alex Pettee, CFA U.S. equity markets advanced Monday - pushing the major benchmarks further into "bull market" territory ahead of a jam-packed week of inflation data and the critical Federal Reserve rate decision. Closing at its highest level of the year, the S&P 500 advanced another 0.9% today, while the tech-heavy Nasdaq 100 rallied nearly 2%.

The Dow advanced 190 points. Real estate equities - one of the most rate-sensitive segments of the market - were mixed today as investors took positions ahead of the critical CPI report tomorrow morning. Billboard REITs were in focus today after asset manager Blackstone (BX) announced that its Tactical Opportunities fund acquired a majority stake in a relatively small billboard owner, New Tradition Media, at a transaction that reportedly valued the firm at $500M-$700M.

Another day, another REIT dividend hike. Net lease REIT Essential Properties (EPRT) hiked its quarterly dividend by 2% to $0.28/share, becoming the 56th REIT to raise its dividend this year. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets advanced Monday - pushing the major benchmarks further into "bull market" territory ahead of a jam-packed week of inflation data and the critical Federal Reserve interest rate decision.

Closing at its highest level of the year, the S&P 500 advanced another 0.9% today, while the tech-heavy Nasdaq 100 rallied nearly 2%. The Dow advanced 190 points, but Small-Caps and Mid-Caps underperformed. Benchmark interest rates held relatively steady with the policy-sensitive 2-Year Yield declining 2 basis points to 4.58%, while the 10-Year Yield held flat at around 3.75%. WTI Crude oil prices - a key inflation input - dipped to eighteen-month lows on concerns over weakening global growth.

Real estate equities - one of the most rate-sensitive segments of the market - were mixed today as investors took positions ahead of the critical ...