Market Whipsaw • Jobs Day Ahead • Earnings Updates

May 5, 2022 | Hoya Capital

Market Whipsaw • Jobs Day Ahead • Earnings Updates Real Estate Daily Recap May 5 Written By U.S. equity markets reversed their post-Fed rally with steep declines Thursday as benchmark Treasury yields surged back to three-year highs ahead of a closely-watched jobs report on Friday. Snapping a three-session winning streak and retreating from its best day of gains since mid-2020, the S&P 500 slid 3.6% today while the tech-heavy Nasdaq 100 declined nearly 5%.

Skilled nursing REIT Sabra Healthcare (SBRA) surged after reporting better-than-expected results and improvements in rent collection issues from several troubled operators, echoing an earlier report from Omega Healthcare (OHI). Mortgage REIT Two Harbors (TWO) gained today after it reported that its Book Value Per Share declined just 2.9% in Q1 to $5.53 as strength in its MSR portfolio helped to offset declines in its Agency portfolio. Veris Residential (VRE) - formerly office REIT Mack Cali - slumped more than 8% after the NYC-focused REIT reported mixed results as strong rent growth was offset by higher-than-expected expenses related to its shift from an office REIT to a pure-play multifamily REIT.

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U.S. equity markets reversed their post-Fed rally with steep declines Thursday as benchmark Treasury yields surged back to three-year highs ahead of a closely-watched jobs report on Friday. Snapping a three-day winning streak and retreating from its best day of gains since mid-2020, the S&P 500 slid 3.6% today while the tech-heavy Nasdaq 100 declined nearly 5% - ...