Stocks Slide • Manufacturing Recession • Hotel Updates
U.S. equity markets slumped Friday- posting their worst week since March- as central bank officials in the U.S. and Europe reiterated their stance that further monetary tightening is necessary.
Declining in four of the past five trading sessions, the S&P 500 slipped 0.8% today, dragging its weekly declines to roughly 1.5%. The Mid-Cap 400 posted steeper declines.
Real estate equities were laggards today- and for the week- as benchmark interest rates hovered around three-month highs. The Equity REIT Index slipped 1.4% today and 4% this week.
Pebblebrook Hotels (PEB) finished lower by about 1% today after it provided a business update in which it noted that it expects Revenue Per Available Room ("RevPAR") for the second quarter to fall "slightly below expectations."
On Thursday, mortgage REIT Two Harbors (TWO) trimmed its dividend yield by 25% to $0.45/share, becoming the 21st REIT to lower its dividend this year. 58 REITs have raised their dividends this year.
Income Builder Daily Recap
U.S. equity markets slumped Friday - posting their worst week since March - as central bank officials in the U.S. and globally reiterated their stance that further monetary tightening is necessary to contain inflation. Declining in four of the past five trading sessions, the S&P 500 slipped 0.8% today, dragging its weekly declines to roughly 1.5%. The Mid-Cap 400 posted steeper declines of 1.2% today and 2.5% for the week. The Dow slipped 219 points. Real estate equities were laggards today - and for the week - as benchmark interest rates hovered around three-month highs. The Equity REIT Index slipped 1.4% today with 14-of-18 property sectors in negative territory, while the Mortgage REIT Index slumped 2.0%. Homebuilders remained a bright spot, however, continuing their impressive rebound this year following a strong slate of housing data and homebuilder earnings results throughout the week.
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