Jobs Day Ahead • Data Center M&A • Blackstone Redemptions

November 30, 2022 | Hoya Capital

Jobs Day Ahead • Data Center M&A • Blackstone Redemptions Daily Recap Jun 1 Written By Alex Pettee, CFA U.S. equity markets rebounded Thursday ahead of the critical nonfarm payrolls report as inventors monitored the progression of the debt ceiling deal through Congress and cheered surprisingly dovish Fed commentary. Pushing back into positive territory for the week, the S&P 500 finished higher by 1.0%, while the tech-heavy Nasdaq 100 once again led the advance with gains of 1.2%.

Real estate equities were mixed as strength from residential and technology REITs offset weakness from office and retail REITs. The Equity REIT Index finished flat while Mortgage REITs rallied 1.7%. Extending its rally sparked last week by the blowout Nvidia (NVDA) earnings results last week, Digital Realty (DLR) was among the leaders today on reports of M&A activity in the data center space with Brookfield Infrastructure (BIP) and DigitalBridge (DBRG) are reportedly competing for Compass Datacenters.

Asset manager Blackstone (BX) disclosed that it again had to limit withdrawals from its non-traded real estate platform in May - the seventh straight month that the firm's flagship fund limited redemptions. Investors who have stood in line since last November have now received 90% of their money back. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets rebounded Thursday ahead of the critical nonfarm payrolls report as inventors monitored the progression of the debt ceiling deal through Congress and cheered surprisingly dovish Fed commentary.

Pushing back into positive territory for the week, the S&P 500 finished higher by 1.0%, while the tech-heavy Nasdaq 100 once again led the advance with gains of 1.2%. The Dow advanced 153 points, while the Mid-Cap 400 and the Small-Cap 600 each gained about 1%. Dovish comments from Philadelphia Fed President Harker sparked a third day of gains for Treasuries. The 2-Year Treasury Yield declined 7 basis points to 4.34%, while the 10-Year Yield declined by 3 ...