Retail Sales Slump • Stocks Dip • Homebuilders Rebound

January 3, 2023 | Hoya Capital

Retail Sales Slump • Stocks Dip • Homebuilders Rebound Real Estate Daily Recap Dec 15 Written By U.S. equity markets dipped to the lowest levels in a month Thursday after the ECB and BOE echoed the Fed's hawkish policy stance while disappointing retail sales renewed recession worries. losing at the lowest level since early November, the S&P 500 dipped 2.5% today - erasing much of the rally sparked by the cooler-than-expected CPI report last month.

Real estate equities were among the outperformers today as the 10-Year Treasury Yield pulled back to three-month lows. Equity REITs declined 1.4% today, while Mortgage REITs declined 2.1%. Homebuilders were a bright spot today after positive earnings commentary from Lennar (LEN) alongside data from Freddie Mac showing that mortgage rates fell for a fifth-straight week. The Census Bureau reported that the critical holiday spending season started slowly in November with retail sales falling by the most in nearly a year on a seasonally-adjusted basis.

Income Builder Daily Recap U.S. equity markets dipped to the lowest levels in a month Thursday after the ECB and BOE echoed the Fed's hawkish policy stance while disappointing retail sales and manufacturing data sparked renewed recession worries. Closing at the lowest level since early November, the S&P 500 dipped 2.5% today - erasing much of the rally sparked by the cooler-than-expected CPI report last month - while the tech-heavy Nasdaq 100 fell 3.4%.

Real estate equities were among the outperformers Equity REIT Index declined 1.4% today with 17-of-18 property sectors in negative territory while the Mortgage REIT Index finished lower by 2.1%. Homebuilders were a bright spot today after positive earnings commentary from Lennar alongside data from Freddie Mac showing that mortgage rates fell for a fifth-straight week. While equity markets were under pressure, bonds caught a bid with the 10-Year Treasury Yield dipping back to three-month lows as investors parsed weak economic data and monetary tightening actions from the ...