Recession Risk • Yields Retreat • Inflation Data Ahead

June 29, 2022 | Hoya Capital

Recession Risk • Yields Retreat • Inflation Data Ahead Real Estate Daily Recap Jun 29 Written By U.S. equity markets were little-changed Wednesday while benchmark yields retreated ahead of key economic reports on Thursday including the PCE Index - the Fed's most commonly-cited inflation metric. Pushing its week-to-date declines to about 2.5%, the S&P 500 finished lower by 0.1% today but the tech-heavy Nasdaq 100 finished slightly higher. Mid-Caps and Small-Caps each declined about 1%.

Real estate equities were laggards today as the rough week for technology REITs continued. The Equity REIT Index declined by 0.6% today with 18-of-19 property sectors in negative-territory. Benchmark interest rates retreated following comments by Fed Chair Powell, who double-down on the hawkish position that the Fed must accept the risk of recession, as the "bigger mistake" would be "failing to restore price stability." Gaming and Leisure Properties (GLPI) finished lower by about 1% today after announcing yesterday afternoon a $1.0 billion deal to acquire two Bally’s casino properties and launching a secondary stock offering to fund the acquisition.

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U.S. equity markets were little-changed Wednesday while benchmark yields retreated ahead of key economic reports on Thursday including the PCE Index - the Fed's most closely-watched inflation metric. Pushing its week-to-date declines to about 2.5%, the S&P 500 finished lower by 0.1% today but the tech-heavy Nasdaq 100 finished slightly higher. The Mid-Cap 400 and Small-Cap 600 each declined by about 1%. Real estate equities were laggards ...