Double-Digit PPI • Logistics Troubles • Cell Tower Deal

July 14, 2022 | Hoya Capital

Double-Digit PPI • Logistics Troubles • Cell Tower Deal Real Estate Daily Recap Jul 14 Written By U.S. equity markets declined for a fifth-straight session Thursday on data showing hotter-than-expected producer price inflation while earnings season began with a pair of downbeat reports from major banks. Now lower by nearly 3% on the week, the S&P 500 declined 0.3% today after a late-day rally that pared much of its intra-day declines which were as steep as 2%.

Now lower by nearly 3% on the week, the S&P 500 declined 0.3% today despite a late-day rally that pared much of its intra-day declines which were as steep as 2%. Echoing the red-hot CPI report on Wednesday, PPI data this morning showed that wholesale prices rose 11.3% from a year ago in June - well above the 10.7% rate expected - and just below the record 11.6% posted in March.

Industrial Logistics Properties (ILPT) dipped more than 20% today after slashing its dividend to $0.01, citing difficulties related to its recent acquisition of Monmouth. ILPT cited rising rates and difficult market conditions for delays to its post-acquisition financing plans. Income Builder Daily Recap U.S. equity markets declined for a fifth-straight session Thursday on data showing hotter-than-expected producer price inflation while earnings season began with a pair of downbeat reports from major banks.

Now lower by nearly 3% on the week, the S&P 500 declined 0.3% today despite a late-day rally that pared much of its intra-day declines which were as steep as 2%. The tech-heavy Nasdaq 100 ended higher by 0.4% today. Real estate equities lagged today as long-term benchmark interest rates rebounded. The Equity REIT Index finished lower by 0.9% today with all 18 REIT sectors in negative territory while the Mortgage REIT Index dipped 2.0%.

Echoing the red-hot CPI report on Wednesday, PPI data this morning showed that wholesale prices rose 11.3% from a year ago in June - well ...