REIT Earnings • JOLTS Data • China Reopening?

November 1, 2022 | Hoya Capital

REIT Earnings • JOLTS Data • China Reopening? Real Estate Daily Recap Nov 1 Written By U.S. equity markets finished lower Tuesday after JOLTS data showed an unexpected jump in job openings, offsetting a retreat in yields amid speculation of China shifting away from COVID-zero policies. Pulling back for a second day following its best week since 2020, the S&P 500 declined 0.3% today while the tech-heavy Nasdaq 100 dipped 1.0%, but the Mid-Cap 400 and Small-Cap 600 finished higher.

Real estate equities were also mixed today ahead of the busiest 48 hours of REIT earnings season. The Equity REIT Index gained 0.1% today with 10-of-18 property sectors in positive-territory. Mall REIT Simon Property (SPG) rallied more than 4% today after reporting better-than-expected results and hiking its full-year guidance along with its quarterly dividend. Cell Tower REIT SBA Communications (SBAC) gained more than 2% today after reporting better-than-expected results and raising its full-year outlook, noting that "wireless carrier activity remains robust across most of our markets." Income Builder Daily Recap U.S. equity markets finished lower Tuesday after JOLTS data showed an unexpected jump in job openings, offsetting a retreat in yields amid speculation of China shifting away from COVID-zero policies.

Pulling back for a second day following its best week since November 2020, the S&P 500 declined 0.3% today while the tech-heavy Nasdaq 100 dipped 1.0%, but the Mid-Cap 400 and Small-Cap 600 each finished higher. Real estate equities were also mixed today ahead of the busiest 48 hours of REIT earnings season. The Equity REIT Index finished higher by 0.1% today with 10-of-18 property sectors in positive territory while the Mortgage REIT Index declined 0.2% and Homebuilders rebounded 0.6%.

Markets began the session with an upward momentum following a Bloomberg report discussing speculation that China policymakers are "making preparations to gradually exit the stringent Covid Zero policy" which briefly pulled the 10-Year Treasury Yield back below 3.95% before rebounding ...