Yields Jump • GDP Revision • REIT Updates

June 29, 2023 | Hoya Capital

Yields Jump • GDP Revision • REIT Updates Daily Recap Jun 29 Written By Alex Pettee, CFA U.S. equity markets advanced while benchmark interest rates jumped after a stronger-than-expected slate of employment and GDP data pushed back recession concerns but lifted bets for additional rate hikes. Lifting its week-to-date gains to over 1%, the S&P 500 advanced 0.5% today, while the Mid-Cap and Small-Cap benchmarks rallied more than 1%, pushing their week-to-date gains to over 4%.

Real estate equities also continued their strong week despite the lift in benchmark interest rates. The Equity REIT Index finished higher by 1.1% today, with 16-of-18 property sectors in positive-territory. Initial jobless claims retreated in the holiday-shortened week, challenging some of the softness seen over the prior three weeks of reports. First quarter GDP data was revised upward to a 2% annualized pace, while Core PCE prices - the report's primary inflation metric - was revised downward.

EPR Properties (EPR) gained 2% today after it announced yesterday afternoon that it reached a comprehensive lease restructuring deal with struggling movie theater operator Regal Cinemas which includes a new master lease for 41 of the 57 properties and the termination of operations at 16 properties. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets advanced while benchmark interest rates jumped after a stronger-than-expected slate of employment and GDP data pushed back recession concerns but lifted bets for additional rate hikes.

Lifting its week-to-date gains to over 1%, the S&P 500 advanced 0.5% today, while the Mid-Cap 400 and Small-Cap 600 each rallied more than 1%, pushing their week-to-date gains to around 4%. The tech-heavy Nasdaq 100 slipped 0.2% today, however, and is roughly flat on the week. Real estate equities also continued their strong week despite the lift in benchmark interest rates. The Equity REIT Index finished higher by 1.1% today, with 16-of-18 property sectors in positive territory, while the Mortgage REIT Index ...