Jobs Week • Net Lease Deal • S&P Index Changes

March 3, 2023 | Hoya Capital

Jobs Week • Net Lease Deal • S&P Index Changes Real Estate Daily Recap Mar 6 Written By U.S. equity markets failed to hold early-session gains Monday on another choppy session as traders took positions ahead of a critical week of employment data and closely-watched Federal Reserve commentary. Following gains of roughly 2% last week, the S&P 500 gained 0.1% today, but other major benchmarks were under-pressure, with the Mid-Cap 400 and Small-Cap 600 slipping 1.3% and 2.4%.

Real estate equities finished mostly-lower, with the Equity REIT Index slipping 0.4% today with 13-of-18 property sectors in negative territory, but the Mortgage REIT Index advanced 0.2%. A handful of REITs responded to index composition changes announced by S&P. Starwood Property (STWD) rallied nearly 5% after S&P announced that it will be added to the S&P Mid-Cap 400. Realty Income (O) was little-changed today after it announced a $1.5 billion deal to acquire up to 415 single-tenant convenience store properties located in the U.S. from EG Group.

Income Builder Daily Recap U.S. equity markets failed to hold early-session gains Monday on another choppy session as traders took positions ahead of a critical week of employment data and closely-watched Federal Reserve commentary. Following weekly gains of roughly 2% last week, the S&P 500 eked out a 0.1% gain today, but the other major benchmarks were under pressure, with the Mid-Cap 400 and Small-Cap 600 slipping 1.3% and 2.4%, respectively.

Bonds slipped as the 10-Year Treasury Yield climbed 2 basis points to 3.98%. Real estate equities finished mostly-lower, with the Equity REIT Index slipping 0.4% today with 13-of-18 property sectors in negative territory, but the Mortgage REIT Index advanced 0.2%. Employment data highlight a critical week of economic data in the week ahead, headlined by JOLTS and ADP Payrolls data on Wednesday, Jobless Claims data on Thursday, and the BLS Nonfarm Payrolls report on Friday.

Economists are looking for job growth of roughly 200k ...