REITs Dip | Warehouse M&A | Inflation Muted

October 13, 2020 | Hoya Capital

REITs Dip | Warehouse M&A | Inflation Muted Daily Recap Oct 13 Written By Daily Recap U.S. equity markets finished lower Tuesday as earnings season officially kicked-off with lukewarm results and disappointing vaccine news while bonds rallied after CPI data showed that inflationary pressures remain muted. Following gains of 1.6% yesterday, the S&P 500 finished lower by 0.6% today while the tech-heavy Nasdaq 100 finished fractionally lower and the Dow Jones Industrial Average retreated by 158-points.

After gaining 0.6% yesterday, REITs were under-pressure today as the broad-based Equity REIT ETF (VNQ) finished lower by 1.7% with all 18 property sectors in negative territory. The 10-Year Treasury Yield dipped 5 basis points following the release of CPI data, which showed that consumer inflation rose in September at the slowest pace in four months. Americold Realty (COLD) finished announced a $1.74B deal to acquire Agro Merchants Group the fourth-largest temperature-controlled warehouse company globally.

Real Estate Daily Recap U.S. equity markets finished lower Tuesday as earnings season officially kicked-off with lukewarm results and disappointing vaccine news while bonds rallied after CPI data showed that inflationary pressures remain muted. Following gains of 1.6% yesterday, the S&P 500 ETF ( SPY ) finished lower by 0.6% today while the tech-heavy Nasdaq 100 ( QQQ ) finished fractionally lower and the Dow Jones Industrial Average ( DIA ) retreated by 158-points.

After gaining 0.6% yesterday, REITs were under-pressure today as the broad-based Equity REIT ETF ( VNQ ) finished lower by 1.7% with all 18 property sectors in negative territory. The Mortgage REIT ETF ( REM ), meanwhile, declined by 0.6% today, erasing yesterday's gains. Third-quarter earnings season kicked off with mixed results over the last 24 hours with JP Morgan ( JPM ) and Citigroup ( C ) under pressure after reporting lukewarm results while BlackRock ( BLK ) and Disney ( DIS ) jumped following their reports.

Johnson & Johnson ( JNJ ) was ...