Softish Landing • Amazon Cellular • REITs Lead Rally

June 2, 2023 | Hoya Capital

Softish Landing • Amazon Cellular • REITs Lead Rally Daily Recap Jun 2 Written By Alex Pettee, CFA U.S. equity markets rallied Friday- lifting the benchmarks to 2% weekly gains- after the critical nonfarm payrolls report showed stronger-than-expected job growth in May combined with a cooldown in wage-growth. Lifting its weekly gains to nearly 2%, the S&P 500 finished higher by 1.5% today, while the Mid-Cap 400 and the Small-Cap 600 each posted gains of over 3%.

The Dow rallied 701 points. The Dow rallied 701 points. Real estate equities were among the leaders today, led by many of the most beaten-down segments including office and retail. The Equity REIT Index advanced 2.4%. The trio of cell tower REITs all advanced about 2% today on reports that e-commerce giant Amazon (AMZN) has been in talks with wireless carriers about offering low-cost or free nationwide mobile phone service to its Prime subscribers.

The critical BLS nonfarm payrolls report this morning showed that the U.S. economy added 339k jobs in May - well above expectations of 180k - marking the 29th straight month of positive job growth. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets rallied Friday - lifting the benchmarks to strong weekly gains - after the critical nonfarm payrolls report showed stronger-than-expected job growth in May combined with a cooldown in wage growth.

Lifting its weekly gain to nearly 2%, the S&P 500 finished higher by 1.5% today while the Mid-Cap 400 and the Small-Cap 600 each posted gains of over 3%. The Dow rallied 701 points. Real estate equities were among the leaders today, led by many of the most beaten-down segments including office and retail. The Equity REIT Index advanced 2.4% today with all 18 property sectors in positive territory while the Mortgage REIT Index rallied over 3%.

Homebuilders and the broader Hoya Capital Housing Index were also upside standouts today as payrolls data ...