Snap Sinks • REIT Dividend Hike • New Home Sales

May 24, 2022 | Hoya Capital

Snap Sinks • REIT Dividend Hike • New Home Sales Real Estate Daily Recap May 24 Written By U.S. equity markets resumed their sell-off Tuesday, dragged down by technology stocks after disappointing earnings from Snap indicated that businesses are targeting marketing spending in an effort to control costs. Erasing almost all of Monday's rebound, the S&P 500 declined 1.2% today while the tech-heavy Nasdaq 100 dipped by 2.6% to push its drawdown to just shy of 30%.

Led by gains from technology and residential REITs, real estate equities were among the outperformers today as the Equity REIT Index gained 0.3% today with 9-of-19 property sectors in positive territory. Another day, another REIT dividend hike. CTO Realty (CTO) - a recent C-corp-to-REIT conversion that was officially added to the NAREIT Index earlier this month - became the 62nd equity REIT to raise its dividend this year. New Home Sales data today indicated that the aggressive hiking path has cooled the previously red-hot housing market, but better-than-expected results this afternoon from Toll Brothers (TOL) suggest that concerns may be overstated.

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U.S. equity markets resumed their sell-off Tuesday, dragged down by technology stocks after disappointing earnings from Snap indicated that businesses are targeting marketing spending in an effort to control costs. Erasing almost all of Monday's rebound, the S&P 500 declined 1.2% today while the tech-heavy Nasdaq 100 dipped by 2.6% to push its drawdown to just shy of 30%. The Dow Jones Industrial ...