Jobs Day Ahead • Winning Streak • Hotel Reports

July 7, 2022 | Hoya Capital

Jobs Day Ahead • Winning Streak • Hotel Reports Real Estate Daily Recap Jul 7 Written By U.S. equity markets were broadly higher Thursday - the fourth-straight session of gains for the major benchmarks - while interest rates and commodities climbed ahead of a critical employment report. Pushing its week-to-date gains to roughly 2%, the S&P 500 advanced 1.5% today, while the tech-heavy Nasdaq 100 rallied another 2.1% to push its weekly gains to nearly 5%.

Real estate equities have been laggards this week as interest rates have rebounded from their recent dip. The Equity REIT Index advanced 0.3% today led by hotel and retail REITs. Consistent with the recent "bad news is good news" theme, the equity market rally was supported today by weaker-than-expected employment data with Initial Jobless Claims climbing to a six-month high last week. Ashford (AHT) and Braemar (BHR) provided business updates this afternoon.

AHT expects its Q2 RevPAR to be 6% below its comparable pre-pandemic rate while BHR expects its RevPAR to be 28% above its pre-pandemic level as surging room rates on luxury hotels have offset lagging occupancy rates. Income Builder Daily Recap U.S. equity markets were broadly higher Thursday - the fourth-straight session of gains for the major benchmarks - while interest rates and commodities climbed ahead of a critical employment report tomorrow morning.

Pushing its week-to-date gains to roughly 2%, the S&P 500 advanced 1.5% today, while the tech-heavy Nasdaq 100 rallied another 2.1% to push its weekly gains to nearly 5%. Real estate equities have been laggards this week as interest rates have rebounded from their recent pull-back on recession fears. The Equity REIT Index finished higher by 0.3% today with 10 of 19 property sectors in positive territory while the Mortgage REIT Index rallied 1.5%.

Consistent with the recent "bad news is good news" theme, the equity market rally was supported today by weaker-than-expected employment data with Initial Jobless Claims ...