Inflation Week • Casino M&A • REIT Updates

January 9, 2023 | Hoya Capital

Inflation Week • Casino M&A • REIT Updates Real Estate Daily Recap Jan 9 Written By U.S. equity markets finished mostly lower Monday ahead of a critical week of inflation data as stocks erased early-session gains following hawkish commentary from a pair of Federal Reserve officials. On the heels of a decent first week of the year which snapped a four-week skid, the S&P 500 slipped 0.1% today and finished at session lows.

The Nasdaq gained 0.7%. Real estate equities were mixed today following a strong start to 2023 buoyed by a retreat in benchmark interest rates. Equity REITs finished flat while Mortgage REITs gained 0.2%. Another day, another major casino M&A deal. VICI Properties (VICI) gained 0.5% today after it announced a $201M deal to acquire four casinos in Canada from PURE Canadian Gaming at an 8.0% cap rate. A pair of non-voting Fed officials - Bostic and Daly - maintained their hawkish tone in public comments today with each expecting the Fed Funds rate to exceed 5% - above the current upper bound of 4.5% - and hold there for "a long time" to quell inflationary pressures.

Income Builder Daily Recap U.S. equity markets finished lower Monday ahead of a critical week of inflation data as stocks erased early-session gains following hawkish commentary from a pair of Federal Reserve officials. On the heels of a decent first week of the year which snapped a four-week skid, the S&P 500 slipped 0.1% today - finishing near session lows - while the tech-heavy Nasdaq 100 held onto gains of 0.7%.

Real estate equities were mixed today following a strong start to 2023 buoyed by a retreat in benchmark interest rates. The Equity REIT Index finished flat with 10-of-18 property sectors in positive territory. The Mortgage REIT Index advanced 0.2% while Homebuilders slipped 0.7%. Ahead of the critical CPI inflation report on Thursday, a pair of non-voting Fed officials - Bostic ...