Rates Moderate • Builders Lead • Recession Watch

June 23, 2022 | Hoya Capital

Rates Moderate • Builders Lead • Recession Watch Real Estate Daily Recap Jun 23 Written By U.S. equity markets advanced Thursday - on pace for just their second positive week in three months - as benchmark interest rates moderated following weaker-than-expected employment and manufacturing data. Extending its week-to-date gains to over 3%, the S&P 500 advanced 1.0% today while the tech-heavy Nasdaq 100 rallied 1.5% to push its weekly gains to nearly 4%.

Real estate equities were once again among the leaders today on similar leadership from residential REITs and homebuilders. The Equity REIT Index advanced 1.9% with 16-of-19 property sectors in positive territory. Homebuilders were notable outperformers following surprisingly strong results from KB Home, which surged nearly 9% after recording improving margins while maintaining its full-year outlook. Benchmark interest rates extended their weekly declines today following notably weak PMI data both in the U.S. and Europe showing the weakest readings since 2020 across several metrics.

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U.S. equity markets advanced Thursday - on pace for just their second positive week in three months - as benchmark interest rates moderated following weaker-than-expected employment and manufacturing data. Extending its week-to-date gains to over 3%, the S&P 500 advanced 1.0% today while the tech-heavy Nasdaq 100 rallied 1.5% to push its weekly gains to nearly 4%, but both benchmarks remain in "bear market" territory. Real estate equities were once again among the leaders today, driven by leadership from residential REITs, technology REITs, and homebuilders. ...