Sell-Off Deepens • REIT Earnings • Jobs Day Ahead

May 4, 2023 | Hoya Capital

Sell-Off Deepens • REIT Earnings • Jobs Day Ahead Daily Recap May 4 Written By Alex Pettee, CFA U.S. equity markets declined for a fourth-straight session while benchmark interest rates dipped to near-nine-month lows on concern that the latest Fed rate hike may push more banks over the edge. On pace for its worst-week since the SVB collapse, the S&P 500 finished lower by another 0.7% today, while the Mid-Cap 400 and Small-Cap 600 posted deeper declines of around 1.5%.

Real estate equities were a bright-spot on an otherwise rough day for equity markets as investors parsed a busy slate of 30 REIT earnings reports. The Equity REIT Index advanced 0.8%. Host Hotels (HST) - the largest hotel REIT - rallied 6% after it reported very strong results and significantly raised its full-year outlook. Net lease REITs Realty Income (O) and Spirit Realty (SRC) also rallied after raising their full-year outlook.

Plymouth (PLYM) was also an upside standout today after rounding out a strong slate of industrial REIT earnings reports. Tech REITs Equinix (EQIX) and Uniti Group (UNIT) rallied after raising their outlook. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets declined for a fourth-straight session while benchmark interest rates dipped to near-nine-month lows on concern that the latest Fed rate hike may push more banks over the edge.

On pace for its worst week since the SVB collapse in early March, the S&P 500 finished lower by another 0.7% today, while the Mid-Cap 400 and Small-Cap 600 posted deeper declines of around 1.5%. The 2-Year Treasury Yield dipped another 12 basis points to 3.78% - hovering around the lowest-levels since last September - while the 10-Year Treasury Yield declined 5 basis points to 3.35%. Real estate equities were a bright-spot on an otherwise rough day for equity markets as investors parsed a busy slate of over 30 REIT earnings reports.

The Equity REIT Index advanced ...