Stocks Slump • Casino M&A • Sentiment At Decade-Lows

June 28, 2022 | Hoya Capital

Stocks Slump • Casino M&A • Sentiment At Decade-Lows Real Estate Daily Recap Jun 28 Written By U.S. equity markets slumped Tuesday after China announced a loosening of COVID restrictions, adding to upward pressure on commodities and gasoline prices, which has fueled a plunge in consumer confidence. Following declines of 0.3% on Monday, the S&P 500 finished lower by 2.0% today, extending its drawdown back below the "bear market" threshold of 20%.

Real estate equities were lower as well today as strong performance from residential REITs was offset again by declines from technology REITs. The Equity REIT Index declined by 1.2% today. After the close today, Gaming and Leisure Properties (GLPI) announced that it reached a $1.0 billion deal with Bally’s to acquire two Rhode Island casinos. Invesco Mortgage (IVR) surged 7% after providing a business update in which it held its dividend steady while reporting that declines in its Book Values were less steep than many feared.

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U.S. equity markets slumped Tuesday after China announced a loosening of COVID restrictions, adding to upward pressure on commodities and gasoline prices, which fueled a plunge in consumer confidence to decade-lows. Following declines of 0.3% on Monday, the S&P 500 finished lower by 2.0% today, extending its drawdown back below the "bear market" threshold of 20%. Real estate equities were lower as well today as strong performance from residential REITs was offset again by declines from technology REITs.

The Equity REIT Index declined ...