Tech Earnings • Hotel Dividends • Builders Bounce

June 2, 2023 | Hoya Capital

Tech Earnings • Hotel Dividends • Builders Bounce Real Estate Daily Recap Jan 24 Written By U.S. equity markets snapped a two-day rally Tuesday as investors parsed a busy slate of corporate earnings reports highlighted by another wave of announced layoffs across mega-cap technology firms. Pausing after a two-day rally of nearly 3%, the S&P 500 slipped 0.3% today while the tech-heavy Nasdaq 100 declined 0.2%. The Dow gained for a third session however, advancing 104 points.

Real estate equities were among the leaders today as benchmark interest rates declined back to the cusp of four-month-lows. The Equity REIT Index gained 0.2% but Mortgage REITs slipped 0.5%. Southerly Hotels (SOHO) surged more than 25% today after it reinstated its preferred distributions on its three preferred issues which had been suspended since early 2020. SOHO was the only REIT that had not yet reinstated its preferred distributions after pandemic-related cuts.

DR Horton (DHI) - the nation's largest homebuilder - gained 2% after reporting better-than-expected earnings results and noting that it has seen a pickup in sales activity in early 2023 as mortgage rates moderate from their multi-decade high peaks last November. Income Builder Daily Recap U.S. equity markets snapped a two-day rally Tuesday as investors parsed a busy slate of corporate earnings reports highlighted by another wave of announced layoffs across mega-cap technology firms.

Pausing after a two-day rally of nearly 3%, the S&P 500 slipped 0.3% today while the tech-heavy Nasdaq 100 declined 0.2%. The Dow gained for a third-session however, advancing 104 points. Real estate equities were among the leaders today as benchmark interest rates declined back to the cusp of four-month lows. The Equity REIT Index gained 0.2% today with 13-of-18 property sectors in positive territory while the Mortgage REIT Index slipped 0.5%.

Homebuilders and the broader Hoya Capital Housing Index were also upside standouts today following better-than-expected results from DR Horton - the nation's largest homebuilder. Bonds ...