Housing Bottoms • MPW Deal • Cell Tower Upgrades

March 30, 2023 | Hoya Capital

Housing Bottoms • MPW Deal • Cell Tower Upgrades Daily Recap Mar 30 Written By Alex Pettee, CFA U.S. equity markets advanced for a second-straight session Thursday while volatility metrics reflected a restored sense of stability following three weeks of turmoil earlier this month following the SVB collapse. Pacing for a third-straight week of gains, the S&P 500 finished higher by 0.5% today while the Nasdaq 100 rallied another 1.0%, pushing the tech-heavy benchmark into "bull market" territory.

Real estate equities led the rebound for a second-straight day with the Equity REIT Index finishing higher by 1.3% with 17-of-18 property sectors in positive territory, while Mortgage REITs advanced 0.6%. Hospital operator Medical Properties Trust (MPW) rallied more than 4% today after it announced that it would sell its Australian real estate investments operated by Healthscope to affiliates of HMC Capital. Pending Home Sales rose for a third-straight month in February as the sluggish U.S. housing sector has emerged as a recent bright spot amid the recent turmoil, consistent with the countercyclical performance trends it exhibited early in the pandemic.

Income Builder Daily Recap U.S. equity markets advanced for a second-straight session Thursday while volatility metrics reflected a restored sense of stability following three weeks of turmoil earlier this month following the SVB collapse. Pacing for a third-straight week of gains, the S&P 500 finished higher by 0.5% today while the Nasdaq 100 rallied another 1.0%, pushing the tech-heavy benchmark into "bull market" territory with gains of over 20% since its late-2022 lows.

The Mid-Cap 400 and Small-Cap 600 were little changed today and, notably, have lagged the Nasdaq 100 by nearly 20% this year. Real estate equities led the rebound for a second-straight day with the Equity REIT Index finishing higher by 1.3% with 17-of-18 property sectors in positive territory, while the Mortgage REIT Index advanced 0.6%. After surging to its highest-level since mid-November earlier this month, the CBOE Volatility ...