Sticky Inflation • Stocks Slide • REIT Earnings

February 16, 2023 | Hoya Capital

Sticky Inflation • Stocks Slide • REIT Earnings Real Estate Daily Recap Feb 16 Written By U.S. equity markets finished broadly lower Thursday as investors parsed another round of hotter-than-expected economic data and hawkish rhetoric from several Federal Reserve officials. Erasing its gains for the week, the S&P 500 finished lower by 1.4% today while the tech-heavy Nasdaq 100 slid 1.9%. Real estate equities were among the better-performers today after a solid slate of earnings results and M&A news.

Equity REITs declined 1.0% today while Mortgage REITs slipped 0.3%. The 10-Year Treasury Yield climbed to 3.84% - near the highest level of the year - after Producer Price Index data showed a reacceleration in price pressures in January. Hotel REIT Services Property (SVC) surged more than 20% after BP agreed to acquire TravelCenters of America - an operator of convenience stores that is partially owned by SVC and its external advisor RMR Group.

Income Builder Daily Recap U.S. equity markets finished broadly lower Thursday as investors parsed another round of hotter-than-expected economic data and hawkish rhetoric from several Federal Reserve officials. Erasing its gains for the week, the S&P 500 finished lower by 1.4% today while the tech-heavy Nasdaq 100 slid 1.9%. The 10-Year Treasury Yield climbed to the highest levels of the year - rising 3 basis points to 3.84% today - after Producer Price Index data showed a reacceleration in price pressures in January.

Real estate equities were among the better-performers today after a solid slate of earnings results and M&A news. The Equity REIT Index declined 1.0% today with 15-of-18 property sectors in negative territory while the Mortgage REIT Index slipped 0.3%. Real Estate Daily Recap Best & Worst Performance Today Across the REIT Sector Hotels : Services Property ( SVC ) surged more than 20% after BP ( BP ) agreed to acquire TravelCenters of America ( TA ) at an 84% premium to its prior ...