Tech Layoffs • REIT Earnings • Jobs Day Ahead

November 3, 2022 | Hoya Capital

Tech Layoffs • REIT Earnings • Jobs Day Ahead Real Estate Daily Recap Nov 3 Written By U.S. equity markets slumped again Thursday as investors digested another "jumbo" rate hike while a handful of corporations announced layoffs or hiring freezes ahead of the jobs report on Friday. Pulling back for a fourth-day to extend its weekly declines to nearly 5%, the S&P 500 declined 1.1% while the tech-heavy Nasdaq dipped 2.0%- now lower by 7% this week.

Real estate equities were among the better-performers today following a strong slate of earnings results from retail and technology REITs. Equity REITs finished flat while Mortgage REITs declined 2.4%. Data center REIT Equinix (EQIX) rallied more than 6% after reporting strong results and raising its full-year 2022 outlook driven by a sixth consecutive quarter of record leasing activity and strong pricing trends. Cannabis REIT Innovative Industrial (IIPR surged more than 7% after reporting that rent collection issues remain limited to two troubled tenants and that it was already able to re-lease one of the former Kings Garden facilities.

Income Builder Daily Recap U.S. equity markets slumped again Thursday as investors digested another "jumbo" Federal Reserve rate hike while a handful of corporations announced layoffs or hiring freezes ahead of a critical employment report on Friday. Pulling back for a fourth day to extend its weekly declines to nearly 5%, the S&P 500 declined 1.1% today while the tech-heavy Nasdaq 100 dipped 2.0% - extending its weekly decline to over 7%.

Real estate equities were among the better performers today following a strong slate of earnings results from retail and technology REITs. The Equity REIT Index finished roughly flat today with 5-of-18 property sectors in positive territory while the Mortgage REIT Index declined 2.4%. Real Estate Daily Recap Best & Worst Performance Today Across the REIT Sector Cannabis : Innovative Industrial ( IIPR ) - a perennial outperform that has been slammed this year ...