Inflation Stays Hot • Special Dividend • Casino Deal

December 14, 2021 | Hoya Capital

Inflation Stays Hot • Special Dividend • Casino Deal Daily Recap Dec 14 Written By Summary U.S. equity markets declined for the second-straight day Tuesday after inflation data showed that producer prices soared nearly 10% in November while the closely-watched two-day Federal Reserve meeting kicked off. Following declines of 0.9% on Monday, the S&P 500 slipped another 0.7% today while the Mid-Cap 400 declined 0.4% and the Small-Cap 600 retreated 0.6%.

Mortgage REIT TPG RE Finance held its dividend steady but declared a special cash dividend of $0.07/share, one of roughly a dozen REITs that have announced special dividends this month. MGM Resorts announced that it will sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075B and real estate owner VICI Properties announced a new lease agreement with Hard Rock. Ahead of tomorrow's FOMC Press Conference, the BLS reported this morning that producer prices rose at the fastest rate on record in November with the headline PPI Index soaring 9.6% from last year - significantly above the expected rise of 9.2%.

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U.S. equity markets declined for the second-straight day Tuesday after inflation data showed that producer prices soared nearly 10% in November while the closely-watched two-day Federal Reserve meeting kicked off today. Following declines of 0.9% on Monday, the S&P 500 slipped another 0.7% today while the Mid-Cap 400 declined 0.4% and the Small-Cap 600 retreated 0.6%. After leading the gains yesterday, real estate equities ...