Earnings Begin • REITs Rebound • Week Ahead

April 17, 2023 | Hoya Capital

Earnings Begin • REITs Rebound • Week Ahead Daily Recap Apr 17 Written By Alex Pettee, CFA U.S. equity markets rebounded Monday as the first full-week of earnings season kicked-off with a stronger-than-expected slate of reports from regional banks alongside several major M&A developments. Adding to gains of 0.8% last week - its third weekly advance in the past four- the S&P 500 gained 0.3% today, while the Mid-Cap 400 and Small-Cap 600 each posted gains of 0.8%.

Real estate equities led the rebound today as pressure from an uptick in benchmark rates was offset by an easing of credit concerns. The Equity REIT Index advanced 2.1%. The solid start to first-quarter earnings season - along with a flurry of hawkish Federal Reserve commentary and stronger-than-expected economic data - has lifted benchmark interest rates back towards their highest levels since the Silicon Valley Bank collapse in early March.

The state of the U.S. housing market will be in focus in the week ahead. The busy week started today with NAHB Homebuilder Sentiment data for April which extended its streak of four-straight monthly increases after dipping to near-15-year lows late last year. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets rebounded Monday as the first full-week of earnings season kicked-off with a stronger-than-expected slate of reports from regional banks alongside several major M&A developments.

Adding to gains of 0.8% last week - its third weekly advance in the past four, the S&P 500 gained 0.3% today, while the Mid-Cap 400 and Small-Cap 600 each posted gains of 0.8%. The Dow added 101 points, and the tech-heavy Nasdaq 100 advanced 0.1%. Real estate equities led the rebound today as pressure from an uptick in benchmark rates was offset by an easing of credit concerns. The Equity REIT Index advanced 2.1% with all 18 property sectors in positive territory, while the Mortgage REIT Index gained 2.2%.

The solid start ...