Jobs Market Cools • Gas Prices Rise • REIT Rebound

October 4, 2022 | Hoya Capital

Jobs Market Cools • Gas Prices Rise • REIT Rebound Real Estate Daily Recap Oct 4 Written By U.S. equity markets rallied for a second-straight day Tuesday as investors bet that JOLTS data showing a sharp plunge in job openings may temper the Fed's aggressive tightening course. Posting the best two-day gain in two years following its worst September in decades, the S&P 500 rallied 2.9% today while the Mid-Cap 400 and Small-Cap 600 rallied nearly 4%.

Real estate equities were also broadly-higher as long-term interest rates continued to moderate from recent highs. The Equity REIT Index gained 2% while the Mortgage REIT Index soared 7.3%. The number of job openings plunged by more than a million in August - one of the most significant one-month declines in the history of the JOLTS survey - providing a potential early sign that labor market conditions may finally be easing.

Consumer gasoline prices have risen by roughly 4%, on average, since bottoming in mid-September but noted a wide regional difference with several states on the West Coast again seeing prices above $6 per gallon. Income Builder Daily Recap U.S. equity markets rallied for a second-straight day Tuesday as investors bet that JOLTS data showing a sharp plunge in job openings to 14-month lows may force the Fed to temper its aggressive tightening course.

Posting the best two-day gain in two years following its worst September in decades, the S&P 500 rallied 2.9% today while the Mid-Cap 400 and Small-Cap 600 each rallied nearly 4%. Real estate equities were broadly higher as well as long-term interest rates continued to moderate from recent highs. The Equity REIT Index advanced 2.0% today with all 18 property sectors in positive territory while the Mortgage REIT Index soared 7.3%.

Homebuilders and the broader Hoya Capital Housing Index were again among the upside gainers. The 10-Year Treasury Yield retreated by another 3 basis points to 3.62% as one ...