Crude Cuts • Storage Wars • Blackstone Limits Redemptions

April 3, 2023 | Hoya Capital

Crude Cuts • Storage Wars • Blackstone Limits Redemptions Daily Recap Apr 3 Written By Alex Pettee, CFA U.S. equity markets were mixed Monday while oil prices surged after OPEC+ announced a surprise oil production cut, which revived some concerns of prolonged inflationary headwinds. Riding a three-week winning streak, S&P 500 finished higher by 0.3% today, but the Mid-Cap 400 and Small-Cap 600 each finished lower by 0.1%. The Dow added more than 327 points.

Following their best week in four months, real estate equities and other rate-sensitive equity market segments were among the laggards today. The Equity REIT Index declined 0.8%. Life Storage (LSI) rallied more than 3% today after it agreed to be acquired by ExtraSpace Storage (EXR) in a $12.4B all-stock deal between the second and fourth largest storage REITs. Asset manager Blackstone (BX) slid more than 3% today after it disclosed that it again had to limit withdrawals from its $70 billion real estate fund in March, fulfilling just 15% of redemption requests in March.

Income Builder Daily Recap U.S. equity markets were mixed Monday while oil prices surged after OPEC+ announced a surprise oil production cut, which revived some concerns of prolonged inflationary headwinds. Riding a three-week winning streak, S&P 500 finished higher by 0.3% today, but the Mid-Cap 400 and Small-Cap 600 each finished lower by 0.1%. The Dow added more than 327 points. Following their best week in four months, real estate equities and other rate-sensitive equity market segments were among the laggards today.

The Equity REIT Index declined 0.8% today with 15-of-18 property sectors in negative territory, while the Mortgage REIT Index declined by 0.6%. Just as volatility from the regional bank crisis began to subside, the Organization of the Petroleum Exporting Countries ("OPEC") injected fresh uncertainty into financial markets this weekend with a surprise announcement to cut more than a million barrels of output a day starting next month, sending the ...