Stocks Rebound • S&P Reshuffle • Jobless Claims Jump

December 29, 2022 | Hoya Capital

Stocks Rebound • S&P Reshuffle • Jobless Claims Jump Real Estate Daily Recap Dec 29 Written By U.S. equity markets rebounded Thursday- posting their best day of gains this month- as benchmark yields pulled back on jobless claims data showing signs of softening in the historically-tight labor market. Erasing its weekly declines and climbing back above the "bear market" threshold, the S&P 500 rebounded by 1.9% today while the tech-heavy Nasdaq 100 jumped nearly 3%.

Real estate equities were among the better performers today with the Equity REIT Index rallying 2.2% with all 18 property sectors in positive territory, while Mortgage REITs gained 2.3%. Vornado Realty (VNO) advanced 1.6% today after S&P announced an index reshuffling that will send the office REIT from the S&P 500 to the S&P Mid-Cap 400 to make room for GE HealthCare Technologies. Weekly jobless claims data this morning showed that filings for Continuing Jobless Claims rose to the highest levels since early February at over 1.7 million.

Income Builder Daily Recap U.S. equity markets rebounded Thursday - posting their best day of gains this month - as benchmark yields pulled back following jobless claims data showing signs of softening in the historically tight U.S. labor markets. Erasing its weekly declines and climbing back above the "bear market" threshold, the S&P 500 rebounded by 1.9% today while the tech-heavy Nasdaq 100 jumped nearly 3%. The Mid-Cap 400 and Small-Cap 600 each gained over 2% as well.

Real estate equities were among the better performers today with the Equity REIT Index rallying 2.2% with all 18 property sectors in positive territory, while the Mortgage REIT Index gained 2.3% and Homebuilders advanced 2.5%. After rebounding to the highest levels since early November on concern over the potentially inflationary impact of China's pivot away from "COVID zero" policies, weaker-than-expected employment data today pulled the benchmark 10-Year Treasury Yield ( US10Y ) lower by 5 basis points to 3.84% ...