Payrolls Ahead • Cannabis Pardons • Fed Unfazed

October 6, 2022 | Hoya Capital

Payrolls Ahead • Cannabis Pardons • Fed Unfazed Real Estate Daily Recap Oct 6 Written By U.S. equity markets finished broadly lower Thursday after a chorus of Federal Reserve officials reiterated their hawkish monetary policy stance ahead of a critical nonfarm payrolls report on Friday. Declining for a second day but still holding on to week-to-date gains of 4.5%, the S&P 500 finished lower by 1.0% while the Mid-Cap 400 and Small-Cap 600 posted more-muted declines.

Real estate equities were laggards again today as long-term interest rates crept back toward recent highs. The Equity REIT Index declined another 3.0% today with 17-of-18 property sectors in negative-territory. Cannabis REITs were the lone property sector higher today after the Biden Administration took several steps towards further decriminalization, seeking to fulfill a campaign promise ahead of the midterm elections next month. Federal Reserve officials continued to closely toe the party line across a half-dozen public appearances today with Minneapolis Fed President Kashkari commenting that the Fed is “quite a ways away” from pausing rate increases despite the recent market instability.

Income Builder Daily Recap U.S. equity markets finished broadly lower Thursday after a chorus of Federal Reserve officials reiterated their hawkish monetary policy stance ahead of a critical nonfarm payrolls report on Friday. Declining for a second day but still holding on to week-to-date gains of 4.5%, the S&P 500 finished lower by 1.0% today while the Mid-Cap 400 and Small-Cap 600 posted more-muted declines. Real estate equities were laggards again today as long-term interest rates crept back toward recent highs.

The Equity REIT Index declined another 3.0% today with 17-of-18 property sectors in negative territory while the Mortgage REIT Index dipped 3.2%. Homebuilders were a bright spot today following several analyst upgrades , citing historically deep discounts. Federal Reserve officials continued to closely toe the party line across a half-dozen public appearances today with Minneapolis Fed President Kashkari commenting that the Fed ...