Jobs Day • Stocks Rebound • REIT Dividend Hikes & Cuts

May 5, 2023 | Hoya Capital

Jobs Day • Stocks Rebound • REIT Dividend Hikes & Cuts Daily Recap May 5 Written By Alex Pettee, CFA U.S. equity markets rebounded Friday following four-straight days of declines after a solid jobs report and a recovery in several beaten-down regional banks calmed market jitters and recession concerns. Paring its weekly declines to under 1%, the S&P 500 rallied 1.9% today, while the Mid-Cap 400 and Small-Cap 600 each gained more than 2%.

The Dow jumped 547 points. Real estate equities finished broadly higher as well today as a relatively strong earnings season winds down. The Equity REIT Index advanced 1.7% today with 17-of-18 property sectors in positive-territory. Arbor Realty (ABR) rallied after reporting strong results and raising its dividend by 5% to $0.42/share (15.4% dividend yield), the fourth mortgage REIT to raise its dividend this year - and 48th REIT in total.

Cold storage operator Americold (COLD) rallied 5% after reporting strong results and significantly raising its full-year outlook. A pair of REITs trimmed their dividends - City Office (CIO) reduced its dividend by 50% while Great Ajax (AJX) trimmed its dividend by 20%. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets rebounded Friday following four-straight days of declines after a solid jobs report and a recovery in several beaten-down regional banks calmed market jitters and recession concerns.

Paring its weekly declines to under 1%, the S&P 500 rallied 1.9% today, while the Mid-Cap 400 and Small-Cap 600 each gained more than 2%. The Dow jumped 547 points. Benchmark interest rates rebounded from nine-month lows with the 2-Year Treasury Yield climbing 9 basis points to 3.89% while the 10-Year Treasury Yield climbed 9 basis points to 3.45%. Real estate equities finished broadly higher as well today as a relatively strong earnings season winds down.

The Equity REIT Index advanced 1.7% today with 17-of-18 property sectors in positive territory, while the Mortgage REIT Index rebounded ...