Payrolls Jump • Tech Trouble? • REIT Earnings

February 3, 2023 | Hoya Capital

Payrolls Jump • Tech Trouble? • REIT Earnings Real Estate Daily Recap Feb 3 Written By U.S. equity markets snapped a three-day rally Friday in a choppy session as investors digested data showing robust job growth in January juxtaposed with relatively downbeat earnings results from mega-cap tech companies. Snapping a three-day winning streak and trimming its weekly gains to 1.5%, the S&P 500 slipped 1.0% today while the tech-heavy Nasdaq 100 dipped 1.8%.

The Dow declined 128 points. Real estate equities lagged as long-term interest rates rebounded from four-month lows. Equity REITs declined 1.9% today with all 18 property sectors in negative territory while Mortgage REITs declined 0.8%. Camden Property (CPT) slumped 3.6% today despite reporting relatively solid fourth-quarter results and raising its quarterly dividend by 6.4% to $1.00/share. Camden expects FFO growth of 3.9% this year, slowing from the 22.3% growth achieved in 2022.

Skilled nursing REIT Omega Healthcare (OHI) finished lower by 2% today after reporting mixed fourth-quarter results, noting ongoing rent collection difficulties from a handful of struggling operators, but also highlighted some progress in lease restructurings. Income Builder Daily Recap U.S. equity markets snapped a three-day rally Friday in a choppy session as investors digested data showing robust job growth in January juxtaposed with relatively downbeat earnings results from a trio of mega-cap tech giants Amazon , Google , and Apple .

Snapping a three-day winning streak and trimming its weekly gains to 1.5%, the S&P 500 slipped 1.0% today while the tech-heavy Nasdaq 100 dipped 1.8%. The Dow slipped 128 points. Real estate equities lagged as long-term interest rates rebounded from four-month lows. The Equity REIT Index declined 1.9% today with all 18 property sectors in negative territory while the Mortgage REIT Index slipped 0.8%. Homebuilders dipped 2% but remained among the weekly winners.

Concluding a busy week of employment data, the critical BLS nonfarm payrolls report this morning showed that the U.S. economy added ...