Fed Ahead • Bank Rescue • REIT Earnings

November 30, 2022 | Hoya Capital

Fed Ahead • Bank Rescue • REIT Earnings Daily Recap May 1 Written By Alex Pettee, CFA U.S. equity markets finished flat Monday as a last-minute rescue of First Republic by JP Morgan sent interest rates higher ahead of a busy week of employment data and the Fed's rate decision. Following gains of 1% last week that pushed the benchmark to its highest levels since February, the S&P 500 finished fractionally lower today while the Dow declined 46 points.

Real estate equities were under pressure today amid a rise in benchmark rates ahead of the busiest week of earnings season with reports from nearly 100 REITs. Park Hotels (PK) gained over 2% after it reported strong first-quarter results and significantly raised its full-year FFO outlook, now projecting FFO growth of 26.0%, up from 16.6% last quarter. Asset manager Blackstone (BX) declined after it disclosed that it again had to limit withdrawals from its $70 billion non-traded real estate platform in April - the sixth straight month that the firm's flagship fund limited redemptions.

Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets finished flat Monday as a last-minute rescue of First Republic by JP Morgan sent interest rates higher ahead of a busy week of employment data and the Fed's rate decision. Following gains of 1% last week that pushed the benchmark to its highest levels since February, the S&P 500 finished fractionally lower today, while the Mid-Cap 400 and Small-Cap 600 each slipped about 0.1%, and the Dow declined 46 points.

Real estate equities were under pressure today amid a rise in benchmark rates ahead of the busiest week of earnings season with reports from nearly 100 REITs. The Equity REIT Index slipped 0.7% today, with 12-of-18 property sectors in negative territory, while the Mortgage REIT Index declined 2.3%. Traders interpreted the last-minute rescue of failed lender First Republic Bank ( FRC ) - the third ...