Inflation Cools • Casino M&A • Merry Christmas!

December 23, 2022 | Hoya Capital

Inflation Cools • Casino M&A • Merry Christmas! Real Estate Daily Recap Dec 23 Written By U.S. equity markets rebounded Friday ahead of the extended Christmas holiday weekend after a pair of closely-watched inflation gauges showed encouraging evidence of cooling price pressures. Trimming its weekly losses to 0.1%, the S&P 500 rebounded 0.4% today while the tech-heavy Nasdaq 100 gained 0.2% - but both benchmarks were unable to avoid a third-straight week of declines.

Real estate equities were among the better performers again today with the Equity REIT Index gaining 0.9% with 16-of-18 property sectors in positive territory, while the Mortgage REIT Index slipped. Following cooler-than-expected CPI and PPI inflation data in the prior two weeks, the Federal Reserve's preferred gauge of inflation - the Core PCE Index - exhibited similar cooling in November. The busy month of M&A continued for VICI Properties (VICI), which announced this morning that it acquired two hotel-and-casino properties in Mississippi - the Fitz Casino & Hotel and the WaterView Casino & Hotel - for $293.4M from Foundation Gaming & Entertainment.

Income Builder Daily Recap U.S. equity markets rebounded Friday ahead of the extended Christmas holiday weekend after a pair of closely-watched inflation gauges showed encouraging evidence of cooling price pressures. Trimming its weekly losses to 0.1%, the S&P 500 rebounded 0.4% today while the tech-heavy Nasdaq 100 gained 0.2%. While both large-cap benchmarks notched a third-straight week of declines, the Mid-Cap 400 and Small-Cap 600 each finished higher for the week.

Real estate equities were among the better performers again today with the Equity REIT Index gaining 0.9% with 16-of-18 property sectors in positive territory, while the Mortgage REIT Index slipped 0.2%. Despite the encouraging inflation news, benchmark interest rates across the yield curve marched higher with the 10-Year Treasury Yield ( US10Y ) rising 8 basis points to 3.75% while the 2-Year Treasury Yield ( US2Y ) climbed 5 basis points to 4.33% ...